“When bank underwriters look at a foreign-born person, they will be more conservative about gray areas and demanding about documentation,” observes Chris Nelson, director of the Metropolitan Research Center at the University of Utah, who has done extensive analyses of home buying patterns. “That will keep homeownership rates of [the] foreign born lower. They will be buying smaller homes as a result, or not buying at all.”

Nelson’s observation about banks might explain some Asians’ aversion to borrowing altogether. Park notes that Asians own more small businesses than any other ethnic group in America. Their entrepreneurial spirit, though, can be a double-edged sword when those businesses deal mainly in cash, and mortgage lenders require income documentation. While Asian buyers may be better financed than other immigrant groups, their money sources aren’t always transparent, say real estate agents. By reputation, though, Asians are big savers, and Korean families in particular are known to pool their resources to buy houses and businesses.

Lee and other sources also point out that Asian immigrant buyers are tough negotiators who haggle over everything, including the price of a house. “They are never done negotiating, even after escrow,” says Jones of Coldwell Banker.

NEWFOUND FRIENDS

That being said, buying a home in the U.S. is still confusing and intimidating for many immigrant buyers. Not surprisingly, they look for someone they can trust. Builders who want to tap into these groups must acknowledge the role that Realtors play as confidants and guides through the home search and buying process. Kumar, who is known to her adoring clients by her nickname Preet, says her fluency in English, Gujarati, Hindi, Marathi, and Punjabi, is “a big advantage with customers who want to work with someone who has the same background,” she says.

“They’ll have you over for dinner, bring you gifts,” says Grace Olson, an agent with Coldwell Banker in Long Beach, Calif., about her immigrant clients. Arney Mendez goes even further: He says his broker, Prudential’s Miguel Solis, “is now like one of the family.”