The Rise of Hispennials: How Latino Millennials are Changing the Housing Market
The Higuera family’s journey to homeownership is a true testament to hard work and determination. Angelica and Jose Higuera, along with their two children, Kassandra and Jay, have overcome financial challenges to finally purchase their dream home in Yorba Linda, California.
Angelica, a public school teacher, and Jose, a scrap metal hauler, worked tirelessly to save money for their first home in Perris back in 2006. Despite facing setbacks during the recession, including losing their home to foreclosure, the Higueras never gave up on their dream of owning a home.
Their resilience paid off when they were able to sell their Anaheim house last year and use the equity as a down payment for their new home in Yorba Linda. With Angelica’s income as a teacher and Jose’s earnings from his hauling business, the Higueras were able to secure a mortgage and move into their spacious two-story dwelling.
Their story is just one example of the growing trend of Hispanic millennials, or “Hispennials,” entering the housing market. With Latinos accounting for a significant portion of the net growth in overall homeownership, lenders like New American Funding are stepping up to help underserved communities achieve their homeownership goals.
New American Funding, led by CEO Rick Arvielo, has made a commitment to lending to Latinos and other minority groups, recognizing the importance of inclusivity in the housing market. Through programs like Fannie Mae’s “HomeReady” and Freddie Mac’s “Your Path,” lenders are able to provide more opportunities for families who may not meet traditional lending criteria.
The Higueras’ story is a reminder that with hard work, determination, and the right support, homeownership is within reach for everyone. As the face of the nation continues to change, the housing market must adapt to accommodate a more diverse profile of borrowers. With lenders like New American Funding leading the way, the future looks bright for families like the Higueras who are eager to build wealth and achieve their dreams of homeownership.