From USDA.gov

Expanding Homeownership Opportunities for Latinos in Rural Iowa
Contact:
Darin Leach
(515) 284-4747



Latino residents in Iowa, who today total more than 170,000, are quickly nearing six percent of the state’s total population. Census figures indicate the number of Latinos in the state has more than doubled since 2000 easily making it Iowa’s fastest-growing minority. Some population estimates suggest Iowa will be home to more than 450,000 Latinos by the year 2050.
“With such a large increase in our Latino population, an important priority at USDA Rural Development continues to be our ongoing commitment to affordable housing for all rural Americans,” said Bill Menner, USDA Rural Development State Director in Iowa.

“Homeownership provides a strong foundation that helps people build household wealth and climb ladders of economic opportunity.”

Many businesses serving rural Iowans are also focused on supporting Latino families and immigrants moving to Iowa in and around such communities as Denison, Marshalltown, Storm Lake and West Liberty.

Earlier this year, Community 1st Credit Union, headquartered in Ottumwa with 14 branch locations throughout rural Iowa, became Iowa’s first credit union to receive the Juntos Avanzamos (translation “Together We Advance”) designation for its work and commitment offering financial services to the Hispanic community.

This program started in 2005 as an immigrant outreach program in Texas to help credit unions attract and serve the growing Hispanic market in that state. In order to qualify for Juntos Avanzamos, Community 1st Credit Union developed strategic operation plans to address the needs of the Hispanic residents in the communities it serves. One aspect included partnering with Coopera, a full-service Hispanic market solutions company, to provide consulting and guidance of its outreach efforts.

“We are excited that Community 1st Credit Union is the first Juntos Avanzamos designated credit union in Iowa,” said Murray Williams, chief operating officer, Iowa Credit Union League. “Iowa credit unions provide members with a safe place to save their money, while offering the opportunity to build credit and be on the path to financial security. Community 1st’s impact is critical for the success of Hispanic families in our state.”

As an example of its commitment to the Hispanic community in rural Iowa, Community 1st Credit Union earlier this summer sponsored an all-day event in Ottumwa when Mexicans living in Iowa and surrounding states could renew their Mexican passports, obtain identification cards and process other legal documents.

More than 200 Mexicans received assistance that day saving a full day driving to the nearest Mexican Consulate office in Omaha.

Those attending the event also heard presentations from staff with Community 1st Credit Union and USDA Rural Development about homeownership opportunities including steps required to prepare for purchasing a home and programs available to them.

“Many times we find Latinos do not know they can qualify for homeownership,” said Rick Hernandez, bilingual mortgage lender, Community 1st Credit Union. “So, the first step is talking through the process and educating on such basic things as establishing a credit score. In about four or five months after that first meeting, many people we talk with will have done everything needed to submit their housing application.”

USDA Rural Development has a guaranteed home loan and direct loan program that assists rural Iowans in achieving their homeownership dreams. Both programs offer competitive interest rates, fixed terms and require no down payment to help eligible families living in rural communities and areas purchase new or existing homes.

Loans and some grants, are also available to help families make needed repairs to their homes.

“We are currently working with USDA Rural Development to develop more partnership programs that continue to enhance home-buyer education for Latinos in our rural communities,” added Hernandez. “We are both committed to expanding homeownership opportunities for all rural Iowans and teaching as many people as possible about the great benefits of these programs.”

USDA Rural Development guaranteed home loan program typically has income limits of $75,650 for a household of four and $49,450 for the direct loan program. Income limits do vary by county and household size, so applicants are encouraged to USDA Rural Development staff for limits in their specific area.

Eligible homes for the USDA program must be located in a rural area and/or a community of generally less than 20,000 residents.
“Homeownership provides a strong foundation to help build household wealth, start a business, fund education through home equity, or give someone a chance to build a better future,” Menner added. “That’s why, during the past seven years, nearly $2 billion in USDA Rural Development funding has helped improve housing opportunities for tens of thousands of rural Iowans.”

http://www.rd.usda.gov/newsroom/succ...nos-rural-iowa