{"id":64329,"date":"2023-04-04T01:02:15","date_gmt":"2023-04-03T23:02:15","guid":{"rendered":"https:\/\/efecomunica.efe.com\/?p=64329"},"modified":"2023-04-04T19:20:50","modified_gmt":"2023-04-04T17:20:50","slug":"latinos-also-dream-of-homeownership-and-there-is-help-to-achieve-it-in-us","status":"publish","type":"post","link":"https:\/\/efecomunica.efe.com\/en\/latinos-also-dream-of-homeownership-and-there-is-help-to-achieve-it-in-us\/","title":{"rendered":"Latinos also dream of homeownership, and there is help to achieve it in US"},"content":{"rendered":"

Homeownership<\/strong> is the dream of millions of people because it means long-term stability and wealth, and Latinos in the United States<\/strong> are doing their part to achieve it, as evidenced by the steady increase in the number of homeowners of that origin.<\/p>\n

If the average rate of increase of nearly one percentage point every two years continues as it has in the last 14 years, the homeownership rate among Latinos will reach 50% by 2025<\/strong>, according to the National Association of Hispanic Real Estate Professionals<\/strong>‘ 2021 State of Hispanic Homeownership Report<\/a>.<\/p>\n

According to the U.S. Census Bureau<\/strong>‘s 2020 Analysis of Household Wealth, Asset Ownership and Debt data<\/a>, homeownership accounts for 67% of Hispanic wealth.<\/p>\n

“For many Hispanic-Latino families, financial stability means passing on assets to their children to provide a sense of security for the next generation to achieve their goals,” says Joe Velazquez<\/strong>, senior vice president, for production at Bank of America.<\/p><\/blockquote>\n

Bank of America<\/strong><\/a> offers affordable mortgage programs, grants and even online courses in English and Spanish to help low- and middle-income individuals make the “leap” to homeownership<\/strong>.<\/p>\n

“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 the basis for upward mobility,” adds Velazquez.<\/p><\/blockquote>\n

 <\/p>\n

\n
\"Promotional
Promotional photo courtesy of Bank of America. Homeownership is the desire of millions of people because it means long-term stability and wealth, and Latinos in the United States are doing their part to achieve it, as evidenced by the steady rise in the number of Latino homeowners. EFE\/ Bank Of America EDITORIAL USE ONLY\/AVAILABLE ONLY TO ILLUSTRATE THE ACCOMPANYING NEWS STORY (CREDIT REQUIRED)<\/figcaption><\/figure>\n<\/div>\n

NOT ONLY FINANCIAL BENEFITS<\/h2>\n

That homeownership plays a key role in personal and financial well-being<\/strong> is something that most Americans believe in regardless of race or ethnicity, various surveys and reports have shown.<\/p>\n

Fixed monthly mortgage payments are seen as protecting against rising rent prices and allowing for steady savings, but, in addition, the appreciation of homeownership over time builds household equity<\/strong>, which can then support the next generation.<\/p>\n

Reports also speak of non-financial benefits, such as increased civic participation, higher levels of education, improved health and life satisfaction, and a greater sense of self-esteem and control.<\/p>\n

Homeownership has long encouraged residents to connect with neighbors, build communities and put down long-term roots<\/strong>, says a Bank of America report<\/a> on the profile of U.S. homebuyers.<\/p>\n

HELP TO MAKE THE “LEAP\u201d<\/h2>\n

One of the biggest challenges for those with the dream of homeownership is the upfront costs, something Bank of America’s $15 billion Community Homeownership Commitment<\/strong><\/a> aims to help low- and moderate-income homebuyers overcome that hurdle.<\/p>\n

It comprises up to $17,500 in combined grants<\/strong> for down payment and closing costs.<\/p>\n

The America’s Home Grant<\/strong> program<\/a> offers a credit of up to $7,500 that eligible buyers can use to pay non-recurring closing costs, such as title insurance and register fees, or to permanently reduce the interest rate.<\/p>\n

The funds do not require repayment and can be combined with funds from thethe Down Payment Grant Program, which offers grants of up to 3% of the home purchase price<\/strong>, up to $10,000, to be used for a down payment in select markets.<\/p>\n

Bank of America<\/strong> also provides educational programs<\/strong> through the BetterMoneyHabits.com website<\/a>, which offers free videos o\u00a0and tutorials in English and Spanish regarding managing finances, the pros and cons of renting versus buying,\u00a0and how to prepare to buy a home. EFE<\/p>\n","protected":false},"excerpt":{"rendered":"

Homeownership is the dream of millions of people because it means long-term stability and wealth, and Latinos in the United States are doing their part to achieve it, as evidenced […]<\/p>\n","protected":false},"author":198164071,"featured_media":64330,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[123771],"tags":[],"class_list":["post-64329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"acf":[],"yoast_head":"\nLatinos also dream of homeownership, and there is help to achieve it in US - EFE Comunica<\/title>\n<meta name=\"description\" content=\"Homeownership is the dream of millions of people because it means long-term stability and wealth, and Latinos in the United States are doing their part to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/efecomunica.efe.com\/en\/latinos-also-dream-of-homeownership-and-there-is-help-to-achieve-it-in-us\/\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Latinos also dream of homeownership, and there is help to achieve it in US - 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