A 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.”
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.
About the Author:With over ten years of office management experience Tara is very eager and equipped to take on any challenge presented to her. She is detail oriented and uses her passion for customer service to ensure every client feels welcomed and taken care of. She utilizes her outstanding interpersonal and analytical skills to communicate with the Altitude Team to more effectively and efficiently maximize your buying or selling experience.