Lenders for the Next Generation of Home Buyers? Mom and Dad.
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.
Most Popular... This Week • Last 30 Days • Ever
If there was ever a place where the old adage “one man’s trash is another man’s... read »
In this article, UrbanTurf will explain what special assessments are, how they work, ... read »
The median price of a home in the region in April rose to $640,000, well above the pr... read »
This week's Best New Listings includes a four-bedroom home in Hyattsville, a chic Dup... read »
The question of too many schools; the dog-friendly rental cities; and the changes afo... read »
- Tile, Furniture, Appliances & (Much) More -- The Local Warehouse Chock Full of Salvaged Home Goods
- What Are Special Assessments in Condo Buildings and What Do They Cover?
- DC-Area Home Prices Shatter Record in April
- Best New Listings: 140 Years in Hyattsville, 100 Years in Bethesda
- Friday's Must Reads
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro