The U.S. Census Bureau reports that more than 8% of people living in the United States suffer from limited English proficiency. A lack of understanding of the English language, coupled with a lack of financial literacy, makes it difficult for some Hispanic homebuyers to understand the multitude of documents and disclosures required for buying a home. The Balance has compiled this list of resources to help Hispanic homebuyers go through the homebuying process. It includes Spanish-language materials to answer questions about the mortgage process, and organizations that connect Spanish speakers with a Spanish-speaking real estate agent.
Tools for Financing
Taking out a mortgage on a home requires making a decades-long financial commitment. With the right tools, you can understand down payments, how home loans work, how to apply for a loan, and how to avoid foreclosure.
USAGov en Español: USAGov provides information about financing your home with a Federal Housing Administration (FHA) loan. The website also offers information about foreclosure and how to avoid it. Making Home Affordable: Making Home Affordable helps Hispanics understand the mortgage process, explains how to find a housing counselor, and helps them avoid lending scams. The website also provides a helpful Spanish-language glossary of mortgage terms. US Department of Housing and Urban Development (HUD): The HUD website is a valuable resource for finding information about equal housing opportunities and types of mortgages. You can also learn about mortgage insurance for traditional and manufactured homes and HUD’s Home Loan Guarantee Program. Federal Housing Finance Agency (FHFA): The FHFA website features Spanish-language copies of a mortgage assistance application and uniform residential loan application. Fannie Mae: On its website, Fannie Mae offers Spanish-language copies of a mortgage loan application and other mortgage origination forms. Ameriuno: Ameriuno, the Spanish-language division of Amerifirst Home Mortgage, offers guides and other resources about credit scores, loan documents, and loan options.
Real Estate Agents
Hispanic individuals who only speak Spanish, or those whose first language is Spanish, will generally need the help of a Spanish-speaking real estate agent. There are numerous companies and organizations that help match Hispanic homebuyers with Spanish-speaking real estate agents.
National Association of REALTORS (NAR): The NAR website features Spanish-language homebuying and selling guides and provides an association, member, and office lookup tool. Realtor.com: The Realtor Spanish-language page provides a search tool to find Spanish-speaking real estate agents in your area. Century 21: Century 21’s Spanish-language website features nationwide home listings. Its real estate agent search tool can help you find Spanish speaking real estate agents in your area. Zillow: With Zillow, you can explore homes for sale and use its real estate search tool to find an agent who speaks Spanish. The National Association of Hispanic Real Estate Professionals (NAHREP): Navigate to the NAHREP website to find a list of top-ranking Hispanic real estate agents.
Organizations To Contact
Government agencies and private organizations can serve as vital resources when buying a home or taking out a mortgage.
U.S. Department of Housing and Urban Development: You can arrange a meeting with a HUD-approved housing counselor by calling (800) 569-4287. USDA Rural Development: On the USDA Rural Development website, you can find a directory of state offices. Consumer Financial Protection Bureau: CFPB can help answer all your mortgage questions. Latino Economic Development Center (LEDC): LEDC serves homebuyers in Maryland, Northern Virginia, and Washington, D.C., offering homebuying courses, group seminars, and individual counseling in both English and Spanish. To schedule a counseling session, call (202) 540-7401.
Educational Resources
When seeking information about buying a home or taking out a mortgage, only rely on sources such as government agencies or reputable organizations you can trust. Always educate yourself before buying a home or taking out a mortgage.
USAGov en Español: USAGov provides a wealth of information about putting down a down payment, working with a real estate agent, submitting an offer on a house, and using different types of mortgage loans. The website can also help you understand government-backed loans offered by the U.S. Department of Agriculture, FHA, and Department of Veterans Affairs, and serves as a gateway to state homebuying programs. U.S. Department of Housing and Urban Development: HUD sponsors mortgage insurance programs, and also provides information about local and state government programs and programs offered by other organizations. Consumer Financial Protection Bureau (CFPB): At the CFPB website, you can learn about the type of bank account needed to buy a home, the credit history required, how to find a housing counselor, and much more.
Downloadable and Printable Guides
Loan Guarantees for Single Family Homes, USDA Rural Development. American Bailout Act of 2021, USDA Rural Development. Government Guide to Buying Your First Home (Guía del Gobierno para Comprar Su Primera Casa), USAGov. Home Buyers Guide (Guía para Compradores de Vivienda), Pennsylvania Housing Finance Agency. Easy Steps to Buy Your First Home (Pasos Fáciles para Comprar Su Primera Casa), California Housing Finance Agency. Your Step-by-Step Mortgage Guide (Su Guía Hipotecaria Paso a Paso), FreddieMac. 100 Questions and Answers About Buying a New Home (100 Preguntas y Respuestas Acerca De La Compra De Una Vivienda Nueva), U.S. Department of Housing and Urban Development. Your Home Loan Toolkit: A Step-by-Step Guide (Su Kit De Herramientas De Préstamo Hipotecario: Una Guía Paso a Paso), Consumer Financial Protection Bureau. Homeview Homebuying Course, Fannie Mae. Glossary of English-Spanish Financial Terms, Consumer Financial Protection Bureau. Homebuyer’s Guide (¿Listo Para Comprar Una Casa?), Consumer Financial Protection Bureau.
