Fannie Mae’s 2018 National Housing Survey shows that Hispanics have more concerns than the general population about obstacles to homeownership – for example, only 33% of Hispanics say it will be “somewhat or very easy to get a home mortgage,” compared to 55% of the general population.
At the same time, according to U.S. Census data, the percentage of Hispanic homeowners is growing every year at a faster rate than the rest of the population – they represent 62.7% of total net U.S. homeownership gains in the decade between 2008 and 2018.
So while Hispanics feel less confident about their ability to buy a home, more Hispanics than ever before are actually doing it. Down payments and credit scores can certainly be obstacles, but they aren’t insurmountable. You may be more ready to buy a house than you think, and a good loan officer can help you understand your options and possible next steps.