A report released by DownPayment Resource shows that 61% of first-time homebuyerspurchased their homes with a down payment of 6% or less.
Thetrend continued among all buyers with a mortgage, as 73% made a down payment ofless than 20%.
An article by Chase pointsto a new wave of millennial homebuyers:
“We teamed up with Google to help us better understand whatcustomers are searching for and how the home buying landscape isevolving. We found that millennials andfirst-time homebuyers are making a big splash inthe market, and affordability remains top of mind.”
Amongmillennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending,said:
“It’s clear from the survey results that Millennials have a lotof anxiety built up about the home buying process.
There is good news, however, as there’s more flexibility thanmost Millennials think regarding how to qualify for a loan and what’s neededfor a down payment.”
Ifyou are one of the many millennials who is debating a home purchase this year,let’s get together to help you understand your options and set you on the pathto preapproval.