Hispanic borrowers are increasingly turning to FHA and ITIN loans, rate buydowns, and DPA programs as they navigate affordability challenges in the mortgage market. This trend reflects the innovative strategies being employed by borrowers to secure financing in an environment of rising home prices and tightening lending standards.
– Hispanic borrowers are opting for FHA loans due to their lower down payment requirements and more flexible credit score standards.
– ITIN loans are gaining popularity among this demographic, providing an alternative financing option for borrowers without a Social Security number.
– Rate buydowns are being used by Hispanic borrowers to lower their monthly mortgage payments and make homeownership more affordable.
– Down Payment Assistance (DPA) programs are proving to be essential for many Hispanic borrowers as they seek assistance in covering the upfront costs of purchasing a home.
You can read this full article at: https://www.housingwire.com/articles/hispanic-homeownership-rate-rose-to-a-record-49-5-in-2023-nahrep/(subscription required)
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