If your LOs are not actively courting Latino home loan prospects, your lender could be walking away from massive profit potential, according to the latest stats from The National Association of Hispanic Real Estate Professionals® (NAHREP).
Why it matters:
• The Hispanic homeownership rate has risen to 48.6% – marking 8 years of steady homeownership growth. (NAHREP 2022 State of Hispanic Homeownership Report)
• The Hispanic population has become increasingly mortgage-ready. Nearly 8 million Latinos aged 45 or under currently have the credit characteristics to qualify for a mortgage and another 2.8 million are near mortgage-ready. (NAHREP 2022 State of Hispanic Homeownership Report)
• Latinos are expected to account for 70% of homeownership growth over the next 20 years, the only racial or ethnic group forecast to see an increase in homeownership. (NAHREP 2021 State of Hispanic Homeownership Report)
For additional insights on tapping this lucrative niche, read Alejandra Dendra’s National Mortgage Professional magazine article: How to Better Serve Latino Homebuyers in 2023 – and Beyond.