In the past we reported that, according to The Urban Institute, “Hispanics will account for 52% of new homeowners between 2010 and 2030.” In the same blog, we reported that NAHREP has said that “Hispanics accounted for 486,000 new household formations.” With so many Hispanics starting new families, it is obvious that the next likely step is to purchase their own home.
The reality, however, is that many of these families are afraid to buy; many of them have heard stories about their family members losing their homes during the housing market’s toughest years. We hear all the time that “fear creates paralysis,” and that is exactly what’s happening to many Hispanics who are interested in buying. While many choose not to take action, there is a small group of Hispanics who are doing something about it. This small group is attending classes to learn more about homeownership, as well as seeking counsel to help get them closer to their dreams of homeownership.
The Urban Institute released a report in which they examined the education and counseling programs used by NeighborWorks America’s National Homeownership and Lending Programs for loans provided between 2007 and 2009. They found out that Hispanic buyers who receive education achieve significantly better loan performance than do comparable buyers who do not take advantage of NeighborWorks America’s programs.
According to the report, “In 2015, NeighborWorks America helped 21,700 families become homeowners through services such as pre-purchase education, down-payment assistance, access to affordable mortgages, and construction or rehabilitation of affordable houses.
Don’t let fear paralyze you – take advantage of programs like the one we mentioned here. If you would like to know what programs are available in your area so that you, too, can become a homeowner, then call your local real estate professional today!