LAT Money Centers Offering First Mortgage Financing for Undocumented Workers
Haley Settle | 11.03.06
The first nationwide mortgage financing program for undocumented workers in the United States was introduced by LAT Money Centers this week at the 2006 Hispanic Marketing Convention & Expo hosted by the National Association of Hispanic Real Estate Professionals (NAHREP) in Las Vegas.

With an estimated 7.2 million undocumented workers in the United States, this lending program will likely significantly increase the percent of non-U.S. citizens who own homes.

“Recent industry research has shown that Hispanic homeowners are less likely to default on their home loans than other borrowing groups,” said LAT Money Centers COO Samuel Angueira. “The Hispanic community takes pride in homeownership, and that results in fewer missed payments, less defaults, and a higher return for investors.”

The mortgage financing program will be made available to 14,000 NAHREP members in at least 48 states. In lieu of social security numbers, LAT Money Centers will use individual taxpayer identification numbers (ITIN) and Matricula Consular IDs when offering loans to undocumented workers who want to purchase a home.
“NAHREP’s 2004 study estimated that the market potential for these loans is conservatively $44 billion in new mortgages,” said Timothy Sandos, NAHREP president and CEO. “A number of ITIN loan pilot programs have confirmed since then that these type of loans perform as well or better than conforming loans. We applaud LAT Money Centers for being the first lender to make this kind of program available nationwide.”

LAT Money Centers, a Hispanic-owned financial services company, provides a variety of financial and education services to the Hispanic and Latino communities. For more information, visit www.latmoneycenters.com.

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