As we begin a fresh new year, it is important to not only reflect on the past year and prepare to meet the demands of the current landscape, but also, to look ahead. In addition to evaluating how best to serve your current customers, let’s also take a peek at who your borrowers may be in the future.
Ten years from now marks an important demographic turning point in U.S. history, according to the U.S. Census Bureau’s National Population Projections.1
By 2030, all baby boomers will be older than 65 years of age. This will expand the size of the older population so that one in every five Americans is projected to be of retirement age. Just a few years later, by 2034, it is projected that older adults will outnumber children for the first time in U.S. history. Does this mean smaller homes, for those downsizing after raising their now adult children?
The year 2030 marks another demographic first for the United States. That year, because of population aging, immigration is projected to overtake natural increase (the excess of births over deaths) as the primary driver of population growth for the country. The population is expected to grow at a slower pace, age considerably and become more racially and ethnically diverse.
That could mean big changes to your business. How will you prepare to service older and more diverse borrowers?
Do you review the available data on your local market, now?
Those fortunate enough to work in the mortgage business did exceptionally well during an unprecedented year that brought hardship to many other industries. You know what was purchased, but have you dug into who was buying in your market?
Every new year should include a deep dive into data from the year prior, as well as the projections for your particular market. And, there is no better time to avail yourself to training to learn specialty loan programs that can help you better serve more borrowers today, and a decade down the road.
AFR Wholesale specializes in specialized lending, offering a full suite of home financing products including Renovation, One-Time Close, Down Payment Assistance, and financing for Manufactured Housing.
Renovation loans can help families turn a fixer-upper into a home they love. One-Time Close Construction-to-Permanent lending allows eligible borrowers to finance the home construction, lot purchase or land payoff, and permanent mortgage with a single close. DPA Advantage provides down payment assistance in the form of a grant equal to 2% or 3.5% of the purchase price for eligible FHA home purchases.
Manufactured Housing is a rapidly growing market providing a solution to the limited inventory of affordable housing. Offerings include FHA, VA and USDA, as well as financing options from Fannie Mae, and Freddie Mac. And, AFR even finances singlewides for eligible FHA and VA purchases!
A variety of unique loan products can provide you with opportunities to expand into new markets and help even more families achieve homeownership. With complimentary educational opportunities, including live and on-demand webinars, and AFR University training so you can “get certified” in our various loan programs, AFR Wholesale has the tools you need to differentiate yourself in the marketplace, grow your business, and serve a wider range of clients…now and in the future.
Photography by [Kunal Mehta] © Shutterstock.com