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Update

Fannie Mae hopes to stimulate home buying among Latinos

August 31, 2003

In its latest effort to increase homeownership among Latinos in Los Angeles, Fannie Mae has initiated a three-year program with Charo Community Development Group and Nationwide Advantage Mortgage Co. to provide free home-buyer education in Spanish and at least $20 million in affordable mortgage financing.

The "Home Expo en Espanol" is a pilot program that could help about 100 Spanish-speaking home buyers.

It is Fannie Mae's latest effort to assist minorities and immigrants, who are expected to make up more than 60% of first-time buyers nationally during the next decade. The current homeownership rate among Latinos in Los Angeles is 38%, compared with nearly 68% for the overall population.

Charo plans to host six home-buying expos with members of the Congressional Hispanic Caucus throughout the Los Angeles area to provide home-buyer education in Spanish.

For information on Charo, call (323) 269-0751.

For information on Nationwide Advantage Mortgage, call (515) 273-8304.

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