Millennial’s, Low Down Payment Programs
A report released by Down Payment Resource shows that 61% of first-time home buyers purchased their homes with a down payment of 6% or less.
The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.
An article by Chase points to a new wave of millennial home buyers:
“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennial’s and first-time home buyers are making a big splash in the market, and affordability remains top of mind.”
Among millennial’s who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:
“It’s clear from the survey results that Millennial’s have a lot of anxiety built up about the home buying process.
If you are one of the many millennial’s who is debating a home purchase this year, let’s get together to help you understand your options and set you on the path to pre-approval.