Areportreleased byDown Payment Resourceshows 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%.
AnarticlebyChasepoints 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 millennialsand first-time homebuyersare 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, contact a local professional who can help you understand your options and set you on the path to preapproval.
Author:Ken Wood Phone: 951-323-7630 Dated: October 24th 2017 Views: 81 About Ken: ...
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