AÂ report released byÂ Down Payment ResourceÂ 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%.
AnÂ article byÂ ChaseÂ points to a new wave of millennial homebuyers:
â€œWe 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.â€�
Among millennials who purchased homes, David Norris, Loan Depotâ€™s Head of Retail Lending, said:
â€œItâ€™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 thereâ€™s more flexibility than most Millennials think regarding how to qualify for a loan and whatâ€™s needed for a down payment.â€�
If you are one of the many millennials who is debating a home purchase this year, letâ€™s get together to help you understand your options and set you on the path to preapproval.
Source: Keeping Current Matters