First Neighborhood Mortgage Launches Hispanic House Alternative Mortgage Program

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NASHVILLE, Tenn., Aug. 31, 2021 /PRNewswire/ — First Neighborhood Mortgage pronounces the launch of HOLACASA, a house alternative mortgage program breaking down limitations to homeownership for Hispanics. The official rollout got here at NAHREP’s (the Nationwide Affiliation of Hispanic Actual Property Professionals) Re:Join occasion in Nashville.

“That is the branding and consolidation of the numerous initiatives we provide for the Hispanic and Latin communities,” says Miguel Vega, FCM’s EVP of Multicultural Enterprise Improvement and the corporate’s Chief Range Officer. “We needed to wrap all the things we have been doing underneath an official identify as we proceed to refine and broaden the initiative.”

Vega notes that HOLACASA is extra than simply an ITIN (Particular person Taxpayer Identification Quantity) mortgage mortgage program, although it does embody that part. FCM assesses mortgage applicant creditworthiness by way of different non-traditional qualifiers for a workforce that usually consists of people who’re self-employed, seasonal employees or derive earnings from a number of jobs. As well as, the corporate affords academic assets to make potential Hispanic homebuyers extra acquainted and cozy with the mortgage lending course of.

“The Hispanic housing market is at present the primary driver of homeownership progress in America,” Vega says. “Hispanics have accounted for 62.7 % of internet U.S. homeownership positive factors prior to now decade, and main indicators recommend this development will proceed for the foreseeable future.”

FCM says it’s devoted to serving to construct a neighborhood of potential multicultural homebuyers, noting that its extremely profitable Multicultural Lending Initiative (MCLI) was launched in 2016. HOLACASA, which grew out of and expands upon the MCLI, additionally supplies actual property professionals with translation help, teaching programs, bilingual mortgage advertising and marketing assets and lending merchandise (together with ITIN residence loans and different specialised applications), in addition to different services and products.

“We’re honored to be acknowledged as certainly one of America’s main firms for Multicultural Market Outreach,” says Keith Canter, CEO of First Neighborhood Mortgage and one of many firm’s co-founders. “Our experience affords actual property professionals, together with Realtors and brokers, a singular aggressive benefit within the Hispanic market, the most important multicultural section and second quickest rising ethnic group within the U.S.”

HOLACASA is open to overseas nationals and non-resident immigrant standing with ITIN/W7 U.S. tax return filings; candidates should have filed taxes within the U.S. for the earlier 12 months. The loans could also be used for main residence, second residence and funding properties, and are additionally accessible for non-warrantable condos, manufactured properties, 1–4-unit properties, townhomes/PUDs and vacant land. Loans as much as $6 million. The HOLACASA web site consists of different information, alternatives and tips.

“The American dream of proudly owning a house must be a actuality for everybody,” Vega says. “Homeownership affords a way of stability, delight of possession and the chance to construct fairness and wealth for future generations.”

Shoppers and actual property professionals all for studying extra about HOLACASA ought to contact us by way of our web site.

First Neighborhood Mortgage, Inc. is an entirely owned subsidiary of First Neighborhood Financial institution of Tennessee, and consists of Wholesale, Correspondent and Retail divisions. FCM is a FNMA, FHLMC, and GNMA vendor/servicer and affords mortgage options to customers and monetary establishments. FCM funded over $3.5 billion in residence loans in 2020. It was not too long ago named one of many Greatest Locations to Work 2021 by the Nashville Enterprise Journal and one of many High Work Locations 2021 by the Tennessean newspaper. First Neighborhood Mortgage is an Equal Housing Lender, NMLS ID 629700.

Media inquiries
B. Andrew (Drew) Plant
[email protected] 

First Neighborhood Mortgage
Megan Chastain, VP of Advertising and marketing
[email protected] 

SOURCE First Neighborhood Mortgage

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