
It’s tougher for all first-time buyers to get into a home of their own now, due to higher prices, interest rates and low supply.For some buyers, it’s even harder.Latinos have long had a tougher time getting mortgages because of lending discrimination and inflexible home loan requirements. The homeownership rate among Latinos in Arizona still greatly lags the rate for white homeowners.In metro Phoenix, a 50% increase in home prices since 2020 has meant many Latino homebuyers must move far from neighborhoods they grew up in to find a house they can afford. And that’s if they can find one for sale.But the Valley was picked as one of five U.S. cities to be part of a $100 million UnidosUS initiative to break down barriers to Latino homeownership. Called HOME, which stands for “home ownership means equity,” the plan is to update lending guidelines, boost housing supply and provide more housing counseling.“Homeownership has gotten very expensive,” said Patricia Garcia Duarte, executive vice president of homeownership initiatives at Chicanos Por La Causa, at a meeting to launch the UnidosUS initiative in Phoenix last week. “One of the biggest barriers now is the ability to find a home at the right price range.”She said also the financial sector must change the way it lends and “truly help people of color” because Latino household formation is leading the nation’s growth.Laura Arce, senior vice president of economic initiatives with the nonprofit advocacy group UnidosUS, called homeownership much more than just a gateway to building generational wealth.She said owning a house has a strong impact on educational outcomes, health, security and safety for people.Latinos lead growth, lag in homeownershipIn 2022, Latino households increased by 628,000 across the U.S. That’s more than double the growth of non-Hispanic white households, according to the National Association of Hispanic Real Estate Professionals.And in 2022, there were 7.9 million mortgage-ready Latinos below the age of 45. That means they had high credit scores, low debt and no foreclosures or bankruptcies for seven years.But in 2021, Latinos were 47% more likely to be turned down for a mortgage than non-Hispanic borrowers.“We need to make homeownership more accessible, especially in historically marginalized communities,” said Kristy Fercho, head of diverse aegment …
See the full article on this Arizona real estate event, or, read more Arizona real estate investing news. It’s up to you!