The Increase in the Hispanic Multi-Generational Households

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The Increase in the Hispanic Multi-Generational Households - Latina on Real Estate

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.

If you are in need of a multi-generational home, talk to a local real estate professional to help you understand how to qualify for a HomeReady Mortgage.

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