Latino landlord living in ‘American dream’ amid housing shortage
A Latin American homeowner and US Navy veteran told “Cavuto: Coast to Coast” on Wednesday that he was able to fulfill his “American dream” of homeownership in a tense real estate market.
“When it comes to the pandemic, everyone was running out of money. I was able to save enough for closing costs,” said Andres Bustos, first-time home buyer.
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During the 2008 subprime mortgage crisis, Hispanic home ownership plummeted to record levels.
However, programs like the Veterans United Home Loan program, which offers a no-down payment plan, have enabled the Hispanic and Latino community to bridge the homeownership gap – even during the pandemic of coronavirus.
Bustos noted that a down payment on a house was a major cost and that the veterans loan program took a “big burden” off her shoulders.
Despite low inventories in the housing market, the Hispanic and Latino communities are the only demographic that has consistently increased the rate of homeownership over the past six years.
The rate for Hispanic and Latino home ownership veterans is much higher than the rate for civilians. Homeownership among veterans is 65.3% compared to civilians at 48.1%, according to data from Veterans United Home Loans.
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Additionally, the Urban Institute predicts that 70% of new homeowners will be Latino and Hispanic buyers over the next 20 years.
As FOX Business celebrates National Hispanic Heritage Month, Bustos took note of what it was like to own a home.
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“Owning this house for me is just… living the basic American dream. I’m able to… pass something on to my son as a single dad. It’s a great achievement for me,” he said. he told FOX Business.