Fannie Mae is taking its homebuyer education program to the next level to create a Spanish-language version of the coursework to meet the needs of a group that is
HomeView en Español, a Spanish-language digital consumer education platform, is available 24/7 with information about financial literacy and homeownership. Latino consumers can go through this course on their own or work with a trusted advisor.
Nearly one-quarter of Hispanic-Americans surveyed by Maxwell said language was an impediment when looking for a home to buy. It is one of the biggest reasons why these consumers consider abandoning their search.
Other obstacles this demographic faces include the lack of affordable housing supply to buy,
"We want to help people get into and stay in their homes for a long time," Fannie Mae CEO Priscilla Almodovar said in a press release. "Down payment assistance and homeownership education can help the Latino community and achieve both goals."
Since March 1, all loans sold to Fannie Mae and Freddie Mac are required to include the
The original HomeView program was launched in 2022 and over 340,000 people have completed this course.
Fannie Mae cited Urban Institute data that 70% of net-new homeowners between 2020 and 2040 will be Hispanic.
This new course includes Spanish-language education with content tailored to help Latino consumers effectively build and manage their credit.
It is free and can be accessed by desktop, mobile and tablet. HomeView en Español is interactive and includes short quizzes and audio clips to help users retain the material.
Besides the education program, Fannie Mae expanded access to
"The housing challenges faced by Latinos are real — but they are not insurmountable," Almodovar said. "With innovative thinking and committed partners, it is possible to expand housing opportunities in ways that are sustainable and responsible — both for the housing system and for homeowners."
Fannie Mae added that it will be making additional enhancements to the original HomeView program in 2024.