Millennials Flock to Low Down Payment Programs. A recent report released by Down Payment Resource shows that 65% of first-time homebuyers purchased their homes with a down payment of 6% or less in the month of January.
The trend continued through all buyers with a mortgage, as 62% made a down payment of less than 20%, which is consistent with findings from December.
An article by DS News points to the new wave of millennial homebuyers:
“It seems that the long-awaited influx of millennial home buyers is beginning. Ellie Mae reported that mortgages to millennial borrowers for new home purchases continued their ascent in January, accounting for 84 percent of closed loans.”
Millennials Flock to Low Down Payment Programs
Among millennials who purchased homes in January, FHA loans remained popular, making up 35% of all loans closed. Ellie Mae’s Executive Vice President of Corporate Strategy Joe Tyrrell gave some insight into why:
“It is not surprising to see Millennial borrowers leverage FHA loans because they typically offer lower down payments and lower average FICO score requirements than conventional loans. Across the board, we’re continuing to see strong interest in homeownership from this younger generation.”
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.
US Housing Market Continues Move into ‘Buy Territory’! The index examines the entire US housing market and then isolates 23 major cities for comparison.
If you thought about selling your house this year, now may be the time to do it.
Home Mortgages: Rates Are Up And Requirements Easing. The media has extensively covered the rise in mortgage interest rates since last fall
Careful…Don’t Get Caught in the Rental Trap. There are many benefits to homeownership. One of the top benefits is being able to protect yourself from…
Why it’s Important To Hire A REALTOR To Sell Your Home. When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles. However, for the majority of sellers, the most important result is getting their homes sold.
Some industry experts are claiming that the housing market may be headed for a slowdown as we proceed through 2017, based on rising home prices and a potential jump in mortgage interest rates.
Spring 2017 – Buying A Home? Be Prepared Fo Bidding Wars. Traditionally, spring is the busiest season for real estate. Buyers come out in force and homeowners list their houses for sale hoping to capitalize on buyer activity.
There are two major misconceptions that we want to address today.
The success of the housing market is strongly tied to the consumer’s confidence in the overall economy. For that reason, we believe 2017 will be a great year for real estate. Here is just a touch of the news coverage on the subject.
California Home Prices Up 6.6% Last Quarter. California outpaced national home price increase of 6.15%.
Considering a Luxury Home? Now’s The Time! If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time…
Things To Consider when Selling Your House – Spring 2017 …Here are five reasons listing your home for sale this spring makes sense.
1. Demand Is Strong
Wishing you the best day of your life. Let’s celebrate like no other. You are the light of my life. Hugs and kisses.
4 Reasons To Buy Your Home This Spring. 1. Prices Will Continue to Rise
CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.9% over the last 12 months.
Best Month and Day to List Your Home? This is a long sight after question in the competitive real estate market place today. Per this study by
Is Your Luck Running Out In Buying A Home? Freddie Mac predicts that interest rates will increase to 4.8% by this time next year…
Which Homes Have Appreciated the Most? Home values have risen dramatically over the last twelve months. The CoreLogic report broke down appreciation even…
The inventory of existing homes for sale in today’s market was recently reported to be at a 3.6-month supply according to the National Association of Realtors