Research has shown the dream of home ownership has become a reality for progressively more Americans.
For instance, in line with the 2010 Harvard Joint Center for Housing Studies State of the Nation’s Housing Report, minorities are earning inroads into all housing sector segments across the United States.
This trend is anticipated to go on with minorities creating a developing share of the homeowner population with each successive generation. The analysis reveals that nearly 35 percent of all first-time home buyers are minorities and more than 40 percent of all renters are minorities-these could be or will be the homeowners of the future.
Companies inside housing and mortgage industries are taking notice of this trend and are making efforts to meet the requirements of today’s prospective house buyers.
“Banks need to have those who reflect the communities they serve found in the neighborhoods that we want to serve if we want to inspire individuals to become first-time homeowners,” said Jackson Cosey, senior v . p . of Emerging Markets for a famous lender.
For example, Wells Fargo recently introduced a plan meant to help serve consumers with down payment difficulties or lack of traditional credit score by helping them qualify for loans they are able to afford.
Called the Home Opportunities SM program, it provides qualifying debt-to-income ratios that address the growing reality that homeowners have to spend a larger percentage of their income on housing.
Also, it provides for nontraditional credit references that enable consumers who don’t have traditional or lengthy credit histories to entitled to the program. In addition, flexibility on down payments and closing costs allows customers to obtain a house without an advance payment.
“Home-financing options such as this program will allow lots more people including first-time home buyers and low- to moderate- income borrowers to do something they’ve only dreamed about: owning a home,” added Cosey.
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