How a millennial fought her way to a post-recession home loan

Ruth Paloma Rivera/Getty Images
Ruth Paloma Rivera/Getty Images

Scared’ banks are ‘triple-checking every single thing’

By Craig Torres | Bloomberg

Ruth Paloma Rivera just bought her first home, battling her way through the paperwork obstacle course that is the post-crisis American banking system.

In her initial attempt at obtaining a mortgage, the bank wanted a copy of her diploma from Rutgers University, where she earned a bachelor’s degree in political science. It asked for years of telephone bills and a letter from her credit unions to ensure she was in “good standing,” she said. Because of a mistake on her application, the bank also requested verification of her permanent residency status. Rivera, 28, was born in Puerto Rico, which makes her a U.S. citizen.

“It has been a really long, daunting, hard process,” she said.

Continued:

Related: Why Aren’t New Homes Going Up That Millennials Can Afford?

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