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Lenders for the Next Generation of Home Buyers? Mom and Dad.

  • April 6th 2009

by Mark Wellborn

Lenders for the Next Generation of Home Buyers? Mom and Dad.: Figure 1

While this certainly doesn’t qualify as earth-shattering news, the Washington Post had an interesting story this past weekend regarding the need for parents to step in during the home buying process to help their kids come up with down payment money.

The Post points out that the days of “no-down-payment mortgages” are a thing of the past, and banks now have tougher underwriting standards and are requiring a lot more money up front. This means that the younger generation of home buyer is turning to family members (mainly their parents), for the extra money.

Here is what a local agent told The Post:

“In the last six months, I’ve dealt with more parents than I ever have,” said Jay Seville, an agent with Re/Max Allegiance in Arlington. “They’re part of the financing now, either with the down payment or a secondary loan.”

This article originally published at https://dc.urbanturf.com/articles/blog/lenders_for_the_next_generation_of_home_buyers_mom_and_dad/760.

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