First-Time Homebuyers Flocking to Low Down Payment Mortgages

First-Time Homebuyers Flocking to Low Down Payment Mortgages

 

Today's blog illustrates the fact that a 20% down payment is not necessary to purchase a home. Statistics show first-time homebuyers flocking to low down payment mortgages. 

Millennials Flock Towards Low Down Payment Programs

report released by Down Payment Resource shows that 61% of first-time homebuyers 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 homebuyers:

“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 millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”

Among millennials who purchased homes, David Norris, Loan Depot’s Head of Retail Lending, said:

“It’s clear from the survey results that Millennials have a lot of anxiety built up about the home buying process.

There is good news, however, as there’s more flexibility than most Millennials think regarding how to qualify for a loan and what’s needed for a down payment.”

Bottom Line

If you 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 path to preapproval.



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Jon Niemeyer is the Broker/Owner of EXIT Realty North Star, 1039 Sunset Dr Norwalk, IA 50211. We provide full service real estate services to the Des Moines, Iowa metro area. Learn more about Jon at JonNiemeyer.com.

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