A New Program To Assist First-Time Homebuyers

Studies show the dream of homeownership is becoming a reality for a growing number of Americans.

For example, according to the 2005 Harvard Joint Center for Housing Studies State of the Nation's Housing Report, minorities are making inroads into all housing market segments across the United States.

This trend is expected to continue with minorities making up a growing share of the homeowner population with each successive generation. The study reveals that nearly 35 percent of all first-time homebuyers are minorities and more than 40 percent of all renters are minorities-these could be or will be the homeowners of the future.

Companies in the housing and mortgage industries are taking notice of this trend and are making efforts to meet the needs of today's prospective homebuyers.

"Mortgage lenders need to have people who reflect the communities they serve located in the neighborhoods that we want to serve if we want to inspire people to become first-time homeowners," said Jackson Cosey, senior vice president of Emerging Markets for Wells Fargo Home Mortgage.

For instance, Wells Fargo recently introduced a program designed to help serve consumers with down payment difficulties or lack of traditional credit history by helping them qualify for loans they can afford.

Called the Home OpportunitiesSM program, it includes qualifying debt-to-income ratios that address the growing reality that homeowners need to spend a greater percentage of their income on housing.

Also, it provides for nontraditional credit references that enable consumers who do not have traditional or lengthy credit histories to qualify for the program. In addition, flexibility on down payments and closing costs allows customers to purchase a home without a down payment.

"Home-financing options such as this program will allow more people including first-time homebuyers and low- to moderate- income borrowers to do something they have only dreamed about: owning a home," added Cosey.

Posted by Gerry Wilcox on December 13, 2008 at 12:00 AM

About Gerry Wilcox
Gerry Wilcox is affliated with RE/MAX Premier Properties, which is located in Lexington, MA. For further assistance please use the contact information located on the right.

As of 05/23/12 the Gerry Wilcox RePage is ranked at 9,139 with 265 points.

Local Information for Lexington, MA

Latitude: 42.444345 -- Longitude: -71.226928

ZIP Codes for Lexington, Massachusetts	02420 02421
Area Code for Lexington, Massachusetts	781
Time zone for Lexington, Massachusetts	EST

Other Area Cities: Lexington, MA Winchester, MA Carlisle, MA Arlington, MA Boston, MA Wellesley, MA Woburn, MA

Enter our Photo Sweepstakes and Win $200 for your Lexington photos!

To see random photos for other cities Click Here.

Submit your photos of Lexington and become eligible to win $200. Click Here for details.

Lexington was first settled in 1642 and was officially incorporated in 1713. [1] Every year, on the third Monday of April, the town observes Patriot's Day. Events begin with Paul Revere's Ride, with a special re-enactment of the scene on the Battle Green. At 6am, there is a re-enactment of the skirmish on the Battle Green, with shots being fired both from the Battle Green and the nearby Buckman Tavern, to take into account the fact that no one knows where the first shot was actually fired from, or by whom. After the rout, the British march on towards Concord. The battle in Lexington allowed the Concord militia time to organize at the Old North Bridge, where they were able to turn back the British and prevent them from capturing and destroying the militia's arms stores. The actual events occurred on April 19, 1775. -- Source: Wikipedia.com

Massachusetts 2000 Census Population Profile Map

	Lexington	Massachusetts	United States
Population	30,355	6,349,097	281,421,906
Median age	43.7	36.5	35.3
Median age for Male	42.2	35.4	34
Median age for Female	45	37.7	36.5
Households	11,110	2,443,580	105,480,101
Household population	29,574	6,127,881	273,643,273
Average household size	2.66	2.51	2.59
Families	8,429	1,576,696	71,787,347
Average family size	3.1	3.11	3.14
Housing units	11,333	2,621,989	115,904,641
Occupied units	11,110	2,443,580	105,480,101
Vacant units	223	178,409	10,424,540

Visit US Census

Enter our Photo Sweepstakes and Win $200 for your Lexington photos!

A New Program To Assist First-Time Homebuyers

Local Information for Lexington, MA

Latitude: 42.444345 -- Longitude: -71.226928

Concentrix TSG

The Leader Spanish Real Estate

ATF Forex Trading

Lingerie & Perfumes

Wedding Singer