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Hispanic veterans boost Latino home ownership

06:04 PM CST on Friday, November 11, 2005

By Gary Reaves / WFAA News

As we honor those who served on Veterans Day, the mortgage industry is recruiting Hispanic veterans for some very special jobs.

Veterans leave the military with a host of skills, including the ability to work with people from many different cultures. That makes them the perfect people to solve one of the biggest problems in real estate - helping Hispanics buy homes.

The program is run by Freddie Mac, the mortgage lending agency, which expects one of every three homes sold in the next five years to be bought by Hispanics.

Soon to retire army staff Sgt Arthur Benavides brought his family from Fort Hood to spend his last Veterans Day on active duty in Dallas.

For 20 years, he has served around the world, protecting our ability to attain the American dream.

But when it comes to home ownership, his people, Hispanics still lag behind.

"When I bought a house, I bought a mobile home because that's all I could afford? Not really - I just wasn't aware of the other things that existed," says Benavides.

While 75 percent of whites own their own homes, fewer than 47 percent of Hispanics do - the lowest of any minority group. The founder of the local Hispanic real estate professionals group says to many, language is as big a barrier as money.

"They bring their 12-year-old children to translate legal documents," said Linda Munoz, an Escrow officer.

To attack the problem, the industry created the Coming Home Program - recruiting bi-lingual veterans like Benavides, and training them online, to be mortgage brokers.

Benavides says this may be an even better way to help Latinos gain the American dream.

"You offer these programs to them to bring budgeting classes to their communities, financial classses to make them as free as possibe, so they can start to educate themselves on the system," he adds.

For more information go to http://www.welcomehomegi.org/default.html and http://www.nahrep.org/

 

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