Latino Homeowners

Wells Fargo Helps Fund UnidosUS Latino Homeownership Initiative

Posted on by TMN Editor
Wells Fargo is funding a new initiative from nonprofit UnidosUS to create four million new Latino homeowners by 2030. HOME, which stands for “Home Ownership Means Equity,” is a new plan to influence systemic change in order to make homeownership available to more Latinos in the U.S.  “We need to make homeownership more accessible, especially in historically marginalized communities,” said Kristy Fercho, head of Diverse Segments, Representation, and Inclusion at Wells Fargo. Over the next 20 years, Latinos are forecast to account for most new homebuyers in the U.S. “Between 2020 and 2040, if you’re talking about the homeownership increase, 70% of the new net homeowners are actually Hispanic,” researcher Jun Zhu from the Urban Institute told WFAE. “This is…

BOA Introduces No Down Payment, Closing Cost Mortgage Solution For First-Timers

Posted on by TMN Editor
Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers geared towards underserved communities. The Community Affordable Loan Solution will roll out in designated markets, including certain Black and Hispanic/Latino neighborhoods in Charlotte, Dallas, Detroit, LA, and Miami. It is a Special Purpose Credit Program that operates off of factors like timely rent, utility bill, phone, and car payments. It does not require mortgage insurance and a minimum credit score. Eligibility is based on income and home location. Prospective buyers have to complete a homebuyer certification course from approved counseling partners prior to application. The program is in addition to BoA’s existing Community Homeownership Commitment program, which aims to help 60,000 individuals and…