Has the home search in Raleigh been stressful for anyone? Has the home of your dreams been taken off the market in a matter of days before you commit to an offer? Did you know that the average days
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.”
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.
Jimmy Swann, Broker/Owner for Swann Group Realty works towards the clients goals and understands how important that the Real Estate Agency you choose to employ and guide you through this journey is yo....
Latest Blog Posts
The Eye Notes on Style Design and Fine Living. To see homes for sale in Raleigh, Cary, Apex and Fayetteville, visit swanngrouprealty.com Brittany StewartRefuel your workday in style Raleigh