It makes additions to its roster of programs that aim to provide housing-related help
Fannie Mae has announced the launch of its new resources and programs that aim to give people in Latino communities access to housing and homeownership opportunities within the country.
“We want to help people get into and stay in their homes for a long time. Downpayment assistance and homeownership education can help the Latino community achieve both goals,” said Priscilla Almodovar, Fannie Mae’s CEO.
In a study by The Urban Institute, it was found that 70% of net-new homeowners from 2020 until 2040 will be Hispanic or Latino—a demographic that represents one of the fastest-growing segments when it comes to potential homeowners.
Despite that, Latinos still face several issues when it comes to housing such as a lack of affordable housing supply, higher incidences of insufficient credit, and higher relative up-front housing costs.
“The housing challenges faced by Latinos are real – but they are not insurmountable. With innovative thinking and committed partners, it is possible to expand housing opportunities in ways that are sustainable and responsible – both for the housing system and for homeowners,” said Almodovar.
The launch of HomeView en Español
On the back of the launch of Fannie Mae’s HomeView, a homebuyer education course in 2022, the company has now released a Spanish-language digital consumer education platform called HomeView en Español.
This will provide consumers with 24/7 end-to-end access to financial literacy and homeownership information. It also provides consumers with the choice of navigating the course by themselves or with the aid of advisors.
HomeView en Español will be free upon registration and can be accessed through multiple devices.
The expansion of the Special Purpose Credit Program (SPCP) pilot
First released in 2022, Fannie Mae utilized the SPCP in order provide down-payment assistance to first-time homebuyers who were eligible. Initially, it included a limited number of lenders who were serving first-time homebuyers in majority Black census tracts in Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia.
Fannie Mae is planning to expand the program early next year to include more cities in order to cater to those with large Latino communities.
“We will continue to work closely with the Latino community to craft solutions to the barriers Latinos face on their housing journey. We’re committed to a future where everyone has fair access to sustainable housing,” said Almodovar.
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