HomebuyingFinancial IQ July 30 2018

How Millennial Homebuyers are Saving for a Down Payment

Many millennials are reaching the age where they consider purchasing their first home. However, most are strapped for cash when it comes to acquiring enough savings for a mortgage down payment. The obstacles faced are due to the current economic climate coupled with debt acquired through student loans and higher cost of living. Hurdles like these are causing millennials to get creative with the way they come up with a down payment.

While some millennial homebuyers are picking up a second job or side hustle, others have received a cash gift from a family member in order to supplement their mortgage down payment. Some are even pulling money out of their retirement funds early, although this is something we don’t recommend. However, the largest rising trend is to kick traditional living to the curb by splitting the purchase of a new home with friends or roommates.

Calculate the cost

Keep in mind, that the main reason millennial homebuyers are struggling to produce a down payment is that they cannot afford to purchase a home in the area where they want to live. Some millennials said they would sacrifice many luxuries in order to afford a home in their preferred location. Most millennials want to purchase a home just as much as any other generation before them. However, they are unwilling to sacrifice their dream location as many different lifestyles and living arrangements come into play that was not attainable twenty years ago.

At the end of the day, everyone has to figure out the sacrifices they are willing to make in order to save for a down payment.  Start curating a lifestyle that allows you to do both.


Homeownership is just a click away.


Eagle Home Mortgage offers many loan options for first-time homebuyers and several programs require as little as a 3% down. Each loan is specifically designed for first-time homebuyers in order to make saving for a down payment easy and homeownership possible.

Get Pre-Qualified

Search Results for query

January 10 2020

How do Interest Rates Affect Purchasing Power?

Purchasing power refers to the price of the home you can afford based on the budget you have available. Naturally, if interest rates start to increase, you will not be able to afford the same home on the same budget. In a nutshell, you will be paying more for...

Read More

December 27 2019

4 Refinancing Myths BUSTED

Don't let common misconceptions keep you away from refinancing your mortgage. Consider the 4 most common myths and why they should be kicked to the curb.

Read More

December 20 2019

Decorating Your Home for the Holidays on a Budget

You don’t have to skip decking your halls this season just because you’re on a budget! The holidays can already be an expensive time for many, so we like finding stress-free and inexpensive ways to get into the holiday spirit. Here are some tips for...

Read More

December 18 2019

Homebuying Hurdle: Debt

Many believe that their amount of debt will be an instant hurdle when qualifying for a home loan. This is not always true. The amount of your debt will not necessarily be a red flag to lenders, but your debt-to-income (DTI) ratio might be. This number is one way...

Read More

December 02 2019

12 Days of Savings

From family meals, travel, gifts, and social outings, the holidays are one of the most expensive times of the year. We have compiled some tips to help you spend mindfully during this holiday season.

Read More

November 27 2019

Market Update: FHFA Announces Loan Limit Increases

The Federal Housing Finance Agency (FHFA) has announced that the conforming loan limits will be increased to $510,400 in 2020

Read More

November 20 2019

Why Interest Rates Aren’t the Only Thing That Matters

Shopping for the lowest rate when looking for a lender could be a detriment to your homebuying experience. There is much more that goes into a positive homebuying experience than the mortgage price tag. If you place a value on communication, timeliness,...

Read More

November 14 2019

Homebuyer Solutions Group Success Story

Marylynn M. and her husband successfully improved their credit scores while enrolled in Eagle Home Mortgage’s Homebuyer Solutions Group (HBSG) program and were able to purchase their dream Lennar Home after graduation. We spoke to HBSG Credit Specialist,...

Read More

November 07 2019

Home Organization Tips to Spark Joy

There is a proven correlation between home clutter and stress. Organizing your abode is a quick and relatively easy way to bring more joy (and extra time) to your life. Here are some home organization tips to help you spark joy!

Read More

12345Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?