FCM Unveils New HOLACASA Loan Program For Hispanic Borrowers
First Community Mortgage launched HOLACASA, a home opportunity loan program aimed at breaking down barriers to homeownership for the Hispanic community, according to FCM.
FCM first rolled out HOLACASA at the National Association of Hispanic Real Estate Professionals' Re:Connect event in Nashville, TN.
“This is the branding and consolidation of the many initiatives we offer for the Hispanic and Latin communities,” says Miguel Vega, FCM's executive vice president of Multicultural Business Development and the company's chief diversity officer. “We wanted to wrap everything we've been doing under an official name as we continue to refine and expand the initiative.”
Vega notes that HOLACASA is more than just an Individual Taxpayer Identification Number mortgage loan program, though it does include that component. The company assesses mortgage applicant creditworthiness through other non-traditional qualifiers for a workforce that often includes individuals who are self-employed, seasonal workers or derive income from multiple jobs. In addition, FCM offers educational resources to make prospective Hispanic homebuyers more familiar and comfortable with the mortgage lending process.
“The Hispanic housing market is currently the main driver of homeownership growth in America,” according to Vega. “Hispanics have accounted for 62.7% of net U.S. homeownership gains in the past decade, and leading indicators suggest this trend will continue for the foreseeable future.”
FCM states that HOLACASA grew out of and expands upon the company's Multicultural Lending Initiative, which launched in 2016. The MCLI initiative provides real estate professionals with translation support, education programs, bilingual mortgage marketing resources and lending products (including ITIN home loans and other specialized programs), as well as other products and services.
HOLACASA is open to foreign nationals and non-resident immigrant status with ITIN/W7 U.S. tax return filings; applicants must have filed taxes in the U.S. for the previous year, according to FCM. The loans may be used for a primary residence, second home and investment properties, and are also available for non-warrantable condos, manufactured homes, 1–4-unit properties, townhomes/PUDs, and vacant land. Loans up to $6 million.
“The American dream of owning a home should be a reality for everyone,” Vega says. “Homeownership offers a sense of stability, pride of ownership, and the opportunity to build equity and wealth for future generations.”