In the Hispanic community, it is our responsibility to take care of our elders, make sure they are ok, fed and with a roof over their heads!
The number of Latinos 50+ is increasing as we reported. They represent 10% (11.1 million) of this age group and the percentage is expected to grow to 24% by 2060. That is why, in many cases, we have to buy homes that will accommodate a multi-generational family; and this is not only within the Hispanic community. According to the Pew Research Center, 57 million Americans lived in a multi-generational family household in 2012 (the latest numbers published).
Buying a multi-generational home
It can be hard to qualify for a bigger home which would be able to accommodate the multi-generational family. This Year, Fannie Mae – “understanding the challenges that many homebuyers are facing” – has decided to include this group in their “Home Ready Program”.
This paragraph is directly from their web page:
“Supporting Extended families. For the first time, income from a household member who is not a borrower (i.e., they won’t be on the mortgage) will be considered. This means – in multi-generational households, the income of children, grandparents, or other extended family members may help buyers qualify for a HomeReady mortgage”.
This is a great program that can help these buyers. The program requires buyers to complete a homeownership educational course. Here is the link for the class.