|
|
| Housing Industry Professionals Team Up to Increase Homeownership Opportunities for Latino Families in California |
SANTA CLARA, Calif., Oct. 6 /PRNewswire/ -- A new initiative is being
launched today to expand homeownership opportunities for Latino families in
California. The initiative is a coordinated effort by Freddie Mac, the
California Association of REALTORS(R) (C.A.R.), Chase Home Finance, The
National Association of Hispanic Real Estate Professionals (NAHREP), and the
League of United Latin American Citizens (LULAC), with assistance from the
California Housing Finance Agency, who have teamed up to increase real estate
professionals' understanding of how to reach and serve the Latino homebuyer,
and to help Latinos learn about homebuyer assistance programs that are offered
through city, county and state housing agencies.
There continues to be a significant gap between minority (48 percent) and
white (74 percent) homeownership rates in America. In California, only
43 percent of the Latino population are homeowners. Recent Freddie Mac
research indicates that only one half of the gap between minority and white
homeownership rates is explained by income, age of household and other known
demographic factors. Fifty percent of Latinos still believe they need near
perfect credit to obtain a mortgage, while 40 percent believe they need a
20 percent downpayment. This initiative will help dismantle some of those
barriers by harnessing the strength of California's 150,000 REALTORS(R).
Through educational courses provided by C.A.R. and outreach and other
educational opportunities offered by NAHREP and LULAC, California REALTORS(R)
will be better able to serve the Latino community and more Latino families
will become aware of homeownership opportunities.
A major component of the initiative is a new course developed by Freddie
Mac and Chase Home Finance. It will be offered through C.A.R. and NAHREP to
educate real estate professionals on how to better serve the Latino homebuyer.
The curriculum, "Effectively Serving the Latino Homebuyer," has been approved
by the California Department of Real Estate (DRE) for two units of continuing
education credit for REALTORS(R), and provides strategies for reaching and
communicating with the Latino homebuyer as well as information on
homeownership assistance programs available in the state. The first class was
conducted today during California REALTOR(R) EXPO 2004, C.A.R.'s annual trade
show.
The California Housing Finance Agency is offering their down payment
assistance programs to qualified borrowers and providing mortgage insurance.
In addition, the LULAC will reach out to potential Latino homebuyers through
workshops and homeownership fairs. The workshops will provide prospective
homebuyers with information about the homebuying process, including how to
access state and local downpayment assistance programs.
"We are excited that these industry leaders are working collaboratively to
address key barriers to homeownership and to help more Latino families achieve
the dream of homeownership," said Craig Nickerson, vice president of expanding
markets for Freddie Mac. "Central to the initiative is the recognition of the
challenges to homeownership Latino families often face, including language and
cultural barriers, non-traditional credit, and a lack of experience with the
homebuying process."
"C.A.R. has often played a leadership role in our industry and remains
committed to increasing homeownership opportunities for all Californians,"
said C.A.R. President Ann Pettijohn. "It is our hope that this initiative
will help our members to better meet the needs of Latino homebuyers throughout
the state."
"Chase has an ongoing commitment to meet the home financing needs of the
Hispanic community, both in this dynamic market and nationwide," said Paul
Mullings, senior vice president and fair lending executive at Chase Home
Finance. "We are pleased to join forces with C.A.R.'s network of real estate
professionals and with Freddie Mac to help provide educational resources and
direct access to Chase's broad range of home financing solutions for Latino
homebuyers."
In January 2003, JPMorgan Chase announced the Chase Dream Maker
Commitment(SM), a $500 billion pledge to provide home financing opportunities
to Hispanics and other historically underserved segments nationwide. This
commitment covers financing for buying and refinancing a home as well as
obtaining a home equity loan or line of credit. To further support this
commitment, Chase has developed a new suite of customized loan products and
services, hired a diverse and bilingual sales staff, opened new retail
mortgage offices in convenient locations and launched a National Housing
Advisory Council comprised of leaders from minority and underserved segments.
Freddie Mac is a stockholder-owned corporation chartered by Congress in
1970 to create a continuous flow of funds to mortgage lenders in support of
homeownership and rental housing. Freddie Mac purchases mortgages from
lenders and packages them into securities that are sold to investors. Over
the years, Freddie Mac has made home possible for one in six homebuyers and
more than two million renters across America. For more information visit
http://www.freddiemac.com.
The California Association of REALTORS(R) (http://www.car.org) is one of
the largest state trade organizations in the United States, with more than
150,000 members dedicated to the advancement of professionalism in real
estate. C.A.R. is headquartered in Los Angeles.
SOURCE California Association of REALTORS
back to topRelated links:
CONTACT:
Mark Giberson, California Association of
REALTORS(R), +1-213-739-8304, markg@car.org; or Patti Boerger of
Freddie Mac, +1-703-903-2445
