Home | Newsletter | Advertise
loading...

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

  • April 6th 2009

by Mark Wellborn

✉️ Want to forward this article? Click here.

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.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse