A new study from Wells Fargo shows that Hispanic millennials are more likely to provide support for extended family members and use a gift to pay their down payment on a home. HousingWire staffer Kelsey Ramirez reports on the economic differences between Hispanic millennials and other millennials, which makes it tough for this group to save for a down payment.

Frank Fuentes, New American Funding vice president of multicultural community lending, points out that today's market is different than what they believe and options that are available to help them make this payment such as conventional 3% programs:

Many lenders have begun offering Fannie Mae and Freddie Mac’s 3% down payment programs which allow first-time buyer to get a conventional loan with just 3% down.

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