Millennials Flock Towards Low Down Payment Programs Posted by NooshiAdmin in Blog 06 Nov 2017 A report released by Down Payment Resource 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%.An article by Chase points 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 millennials and first-time homebuyers are 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.”Bottom LineIf 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.Source: KCM.com