In January, 65% of first-time homebuyers bought their homes with a down payment of 6% or less, says Down Payment Resource.
Since then, we're continuing to see the trend of homebuyers with a mortgage of more than 60% making a down payment of 20% or less.
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 are growing up and are quickly entering the housing market. FHA loans are popular for this young generation, making up 35% of all loans among millennials who purchased homes in January. Younger generations are drawn to FHA loans due to the lower average FICO score requirement compared to conventional loans. It's great to see these options available so that they're able to achieve their housing goals.
If you're a millennial or a first-time homebuyer, Anthony and Arienne Brown of North South Property Advisors Group can help you navigate the real estate waters. This husband and wife team are stacked with the professional real estate services designed for buyers and sellers looking to upsize, downsize, relocate, or buy and sell for the first time. Don't hesitate to contact them today!
Anthony & Arienne Brown
North South Property Advisors Group at Keller Williams Realty
NC / SC Broker - Realtor®
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