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More than 9.5 million Hispanics are homeowners in the US.

More than 9.5 million Hispanics are homeowners in the US.

More than 9.5 million Hispanics living in USA are currently owners of a living place and in 2023 the rate of Latino buyers reached 49.5%, according to the latest report from the National Association of Property Professionals. Real estate Hispanics (Nahrep).

The entity points out that in 2023 there was a net increase of 377,000 Hispanic homeowners compared to the previous year, despite the multiple obstacles in the real estate market, such as the rise in interest rates and property prices.

Nahrep attributes this growth—almost the highest in the last two decades—to the resilience of the Hispanic community and its strategies to overcome the challenges presented by the current market.

Among those strategies, Nahrep points to Latinos’ willingness to move to lower-cost areas, partnering with other co-buyers and using buyer assistance programs offered by different organizations and lenders.

“The American dream for many people in the United States is to have a home and have financial security. “Living in a house that is yours is what generates happiness,” says the mortgage loan advisor of the American bank Chase NA, Ruth Bastiani.

Help for the buyer

“The interest rate and property price remain high. To alleviate the effect of those challenges, organizations and lenders like Chase offer different buyer assistance programs, as well as low down payment loans,” Bastiani stressed.

According to the advisor, Chase has a grant of up to $7,500 that eligible customers can use to lower the interest rate, reduce closing costs or help with the down payment.

This help, called the Chase Homebuyer Grant, is available in more than 15,000 communities in the United States, including communities in Chicago, Las Vegas, Los Angeles, Miami and New York, where, according to Nahrep, home prices are rising significantly .

Bastiani also noted that Chase’s DreamMaker mortgage offers a 3% down payment option and flexible credit guidelines to eligible buyers.

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Source: Gestion

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