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ILLUSTRATION: Sergio
Baradat |
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Unlocking the Door to Your Own Home Owning your own home has been at the heart of the American dream for generations. But realizing that dream has not always been easy, and even less so for minorities, especially Hispanics.
In the last decade, Spanish surnames have appeared more frequently on lists of homebuyers in states like Texas, Arizona, and California than those of other ethnic groups. But Hispanic families still have the lowest rate of home-ownership in the United States-despite the fact that for Hispanics, owning their own home is one of their most important priorities. Experts agree that the lack of clear, comprehensive information in Spanish impedes many Hispanics' ability to realize the American Dream. "One of the biggest barriers that Hispanics have to entering the housing market is our culture," states José A. "Tony" Ruano, member of the Council of the National Association of Hispanic Real Estate Professionals (NAHREP) and author of the book Bienes raíces: manual práctico de compra, venta y administración. The cultural obstacles include a distrust of banking and financial institutions. Additionally, according to Ruano, many Hispanics in the United States do not appreciate that their credit rating determines whether they qualify for a mortgage loan. "The good news is that age cannot be an obstacle to qualify for a long-term home mortgage," indicates Antonio Valdez, vice-president of multicultural marketing for Countrywide Home Loans. Denying someone a loan because he is too old is considered to be an act of discrimination, according to federal law.
Besides providing shelter, privacy, and psychological rewards, home-ownership offers tax advantages, generates equity, and in most cases, is the basis for the family's future economic well-being. In an effort to help more Hispanic families become homeowners, the U.S. Department of Housing and Urban Development (HUD) and financial institutions, such as Freddie Mac and Fannie Mae, are actively reaching out to minorities. HUD recently created Blueprint for the American Dream, an extensive, public/private partnership to increase minority home-ownership by the end of the decade. This initiative focuses on educating prospective homeowners, reducing down payments, eliminating discrimination by mortgage lenders, and promoting the construction of affordable housing. Freddie Mac, with the help of several Hispanic organizations, started a new campaign several months ago, El camino a su propia casa (The Road to Buying Your Own Home), a Spanish version of their educational website for home buyers. El camino a su propia casa guides consumers through the process of acquiring their own home. This begins the moment the decision is made to purchase a home instead of continuing to pay rent. Among other things, it explains the importance of credit, comparing the various types of mortgages, and choosing a suitable house for your family. Fannie Mae has a major initiative called the American Dream Commitment, a multi-faceted program designed to break down barriers to minority home-ownership and help Hispanic and other minority families find their way home.
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