Helping Latinos find a home of their own

Helping Latinos find a home of their own

Owning a home is the dream of millions of people because it means long-term stability and wealth Latinos in the United States are doing their part to make this happen, As evidenced by the continuous increase in the number of property owners of this origin.

If the average growth rate of approximately 1 percentage point every two years that was recorded over the past 14 years is maintained, In 2025, the homeownership rate among Latinos will have reached 50%.as projected in the 2021 State of Hispanic Homeownership report from the National Association of Hispanic Real Estate Professionals.

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According to the 2020 Analysis of Household Wealth, Asset Ownership, and Debt released by the US Census Bureau, Homeownership accounts for 67% of Hispanic wealth.

For many Hispanic and Latino families, financial stability means passing assets on to their children, to provide a sense of security until the next generation can achieve their goals.says Joe Velasquez, senior vice president, chief product officer at Bank of America.

Offers of the said entity Affordable mortgage programs, grants, and even online courses in English and Spanish to help those on low incomes It means taking the “leap” to get a home of their own. “The value that the Hispanic-Latino community places on homeownership is very encouraging, as it continues to be a major source of wealth creation and a foundation for upward mobility,” Velasquez adds.

Place of residence

The benefits are not only financial

The fact that owning a home is JIt plays a major role in personal and financial well-being It’s something that most Americans believe regardless of their race or ethnicity, as various surveys and reports have shown.

Fixed monthly mortgage payments are taken into account Protection from rising rental prices and allowing you to save at a fixed rate, But, in addition to this, the appreciation of real estate over time increases the family’s capital, which can thus support the next generation.

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Reports also talk about non-financial benefits, such as an increase in civic engagement, the achievement of higher levels of education, Improved health and life satisfaction as well as increased self-esteem and a sense of control.

Homeownership has long encouraged residents to connect with neighbors, build community, and put down long-term roots, says a Bank of America report on U.S. homebuyer ratings.

Help make the “leap”

One of the biggest challenges faced by those dreaming of owning a home is the upfront costs, which is indicated by the commitment to homeownership in the Bank of America community, financing of $15,000 million It aims to help low- and middle-income homebuyers overcome this hurdle.

Includes up to $17,500 in combined grants for down payment and closing costs. American Homeland Scholarship Program Offers a loan of up to $7,500 Eligible buyers can pay one-time closing costs, such as title insurance and registration fees, or to permanently lower the interest rate.

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Funds do not require repayment and may be combined with funds from the Down Payment Grant Program. Bank of America also provides educational programs through BetterMoneyHabits.com, which offers free videos on managing finances and preparing to buy a home.

EFE

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