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Millennials who watched their parents or grandparents struggle with toxic mortgages, short sales and foreclosure might be reluctant to buy a home and get a mortgage themselves. But in fact, most of those bad old loans are gone and while real estate is never risk-free, today’s traditional terms, strict guidelines and government-mandated forms can help millennials become safe and successful homeowners.
The differences are dramatic, says Greg Cook, senior loan officer for Platinum Home Mortgage in Temecula, California.
“If we go back 10 years, there were so many loan programs and most of them were, pardon my French, crap,” Cook says. “Loans today are almost identical to when (millennials’) parents bought their 1st home.”
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