Millennials Flock Towards Low Down Payment Programs

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.”

Bottom Line

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.

Compliments of National Realty Center and Roxanne Green

Office

National Realty Centers

248-724-1234

110 Willits Street, Birmingham, MI 48009