As women enter the housing market in greater numbers, the need for programs that can assist with the down payment and closing costs has increased. Student loan debt impacts women more than men according to RISMedia. Women carry 2/3 of loan debt or $900 billion of the current $1.5 trillion dollar student loan debt affecting millions of Americans. Minority women account for 48% of female student loan debt and struggle to afford home purchases.
Women can benefit from non-profits, mortgage brokers and lenders with programs that can guide them through the real estate and mortgage process. First time home-buyer programs with Down Payment Assistance, adding a non-occupant co-borrower and finding areas that offer HomeReady Programs with competitive interest rates based on the median area income can assist female borrowers.
Women Invest in Housing
Women In Real Estate (WIRE) is an initiative offered to female investors through March 2019 by Velocity Mortgage Capital. Velocity CEO Chris Farr states, “At Velocity, we believe every borrower deserves the opportunity to invest in real estate – especially women, who often have higher credit scores and lower default rates”. Incentives on the program include discounted closing cost fees, free appraisals and lower underwriting fees. Women can build wealth by mitigating risk with a co-borrower. We’ve worked with friends purchasing multi-units together. With a trusted partner, building wealth together can elevate your financial portfolios and offer another source of income for retirement.
Ever thought about owning a multi-unit building or commercial property? There are several loan programs that offer self-employed, entrepreneurs with solutions to purchase investment property and build real estate wealth. Inquire with an experienced lender today.