Within the homebuyer community, Hispanics continue to represent the foundation of the home-purchase market in the US, according to the National Association of Hispanic Real Estate Professionals. In fact, in 2013, Hispanics accounted for an increase of 32% net growth in owner households, with a 52%-growth rate in the 100 largest metropolitan from 2000 to 2010.
However, in today’s real estate market, home buyers need relevant, up-to-date insights and advice to make an informed decision regarding one of the biggest purchases of their lives. The following are insights on the state of Hispanic homeownership, and useful, up-to-date advice for prospective home buyers:
– Steps to Buying a Home: Many consumers remain ill-informed going into the home buying process. Educate yourself; seek advice on how to navigate the process and avoid some of the most common mistakes, while addressing the basics of home buying from understanding mortgage options to steps needed for getting approved for a loan.
– Buying vs. Renting: While increasing numbers of Hispanics rent instead of owning their own home, many are entering or returning to the local market and experiencing significant benefits. There are changes in the overall lending process, learn the state of Hispanic homeownership in a region–especially the city or town in which you intend to buy, and what potential multicultural homeowners can expect in the near future in the area.
– Buying a Home and Funding Renovations with a Single Loan: Sixty-three percent of Hispanics and 59 percent of African Americans will likely have their parents, grandparents, or other extended family members living with them at some point. While many look for homes that could accommodate this, most are not aware of the FHA 203(k) renovation loan as an option. It is an underutilized financing tool that allows home buyers to buy and renovate a house with a single loan. Learn how it works for homebuyers looking for an older home in need of repairs or extra room.
– Down Payment Trends and Tools: From misconceptions about necessary funds, to uncertainty around savings goals and cash sources, down payments are a topic of confusion in today’s real estate market. Gain insight on options Hispanic home buyers may have to buy a home with less than 20 percent down.
Luke Cashman Special to CTLatinoNews.com