CALIFORNIA MILLENNIALS STRUGGLE TO SAVE FOR DOWN PAYMENT
Californians of all races and ethnic backgrounds are struggling to save enough money for a down payment to buy a home in the golden state, according to a recent study conducted by Wells Fargo.
The study found Hispanic millennials are more likely to provide support for extended family members. About 30 percent of Hispanic millennials say they are currently providing financial help to two or more generations of their family, compared to 14 percent of all millennials.
When it comes to buying a home, Hispanic millennials are more likely than any other group or generation to use a gift for their down payment showing strong family ties for their culture.
In California specifically, Hispanic millennials take advantage of homebuyer assistance programs, such as loan assistance programs, grant programs, FHA loans or conventional 3 percent down programs.
Here in Visalia, Tulare and Porterville many mortgage lenders are bilingual and professionally trained to help Spanish speaking families take advantage of the numerous opportunities to get a loan to buy into the American dream. If you are looking to buy a home, now is the time to call a local mortgage lender to get prequalified and find just the right financing for your family.
Frank Fuentes, New American Funding vice president of multicultural community lending, said in an interview with HousingWire that there are many programs available for first time homebuyers. Fuentes urges those looking for the best programs should call your local, experienced lenders who are knowledgeable in your marketplace.
Fuentes emphasizes to those who are hesitant to enter the market under these programs that the market today is vastly different than the market before the housing crisis. The main difference is seen in underwriting and stated income loans.
In fact, now, homebuyers may even get frustrated with the heavy amount of paperwork involved in the process, said Fuentes.
Many minorities with good credit scores and solid proof of income but are still struggling to pay the down payment will use a financial gift from family members. Fortunately for them, it is not difficult to fill out paperwork for the gift, and only requires a gift letter and a bank statement from the giver demonstrating the ability to pay.
As hard as it is to save for a down payment, there is still hope. One other piece of good news came this week when the Federal Reserve Board Chairperson Janet Yellen said the Fed is now going to raise interest rates. The board said now is not the time to make it harder to buy a home, noting that homeownership in the United States is at its lowest level in many years.
Good news indeed. Call your favorite mortgage lender and get started today.
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