Affordable lending fair shares information on homeownership

Lack of affordable housing national crisis

WILMINGTON, (WWAY) – Wilmington residents had a chance to explore a path to home-ownership at the affordable lending fair this weekend.

Lenders answered questions about loans, mortgage products and how to pre-qualify for a home on Saturday at the MLK Community Center.

Attendees were able to connect with nearly a dozen participating banks.

The fair was a way for the City of Wilmington’s Affordable Housing to get those interested on a path to homeownership.

Community Development Communication Analyst Tanita Wallace said homeownership is attainable.

“A lot of people think that they will never be able to buy a house, and this event shows people that yes, it is possible, I don’t have to have so much money as I thought that I would need to buy a house,” she said. “Everybody here had a 100 percent financing.

“Most of the lenders offered down payment assistance, as well, and so it give people hope, if for nothing else, it give people hope.”

According to Wallace, there is a desperate need for affordable housing, and no one is immune to the crisis plaguing the country.

Dr. Charlotte Phan immigrated from Vietnam to pursue a medical degree in 2002.

It took 14-years to become a licensed physician and between her student loans and the years of not making any money – finding affordable housing has been elusive.

According to Phan, most people think physicians make a ton of money – but she says that’s not always the case.

“House prices keep going up, I have trouble finding a house, I don’t know what to do in terms of financing,” she said. “I appreciate it that you have a program like this, to help me get and affordable house.

“It doesn’t matter if you’re a doctor to be honest, we don’t go into medicine to make money.”

Those who couldn’t the event, can click here for more information.