On October 17th, LUCHA, Wintrust Mortgage, and Freddie Mac joined forces to host a half-day conference with breakfast and a panel discussion to share resources and insights, along with envisioning a real estate industry that meets the needs of low-to-moderate income, potential homebuyers.
The event kicked off with a presentation from Freddie Mac’s Dennis Smith about the organization’s latest efforts to craft their services to meet the needs of both a home buying market that is becoming increasingly flooded with Millennial buyers. Mr. Smith also pointed out that the number of Latino and Spanish-speaking potential homebuyers is growing at a similar rate to their growing portion of the U.S. population and as a result, Freddie Mac is foreseeing the changing demographic and tailoring their programs to meet the needs of a future homebuyer.
LUCHA’s Pre-Purchase Lending Specialist Maria Campos shared with each of the 30 attendees about the organization’s First-Time Homebuying Workshops and prompted her fellow professionals to share some of their fields’ shortcomings in reaching out to this demographic of homebuyers.
“The intent of the program was to remove the barriers between clients but also partners. There are times when we don’t work well collectively among industry partners and so this was a great opportunity for lenders and realtors meet.”
Campos expressed a general concern that there is a disconnect between many in the real estate industry and the work of non-profits, such as LUCHA, who do work specifically with down payment and closing cost assistance. Campos was proud of how well prepared and fluent in real estate terminology and practice her clients are, which she admits often times can be a pain for realtors who aren’t expecting prepared homebuyers.
The key, she said, to bridging the gap between a real estate market that can be an immense challenge to navigate and low-to-moderate income homebuyers is continued education and empowerment. “Knowledge is power,” Campos reiterated over and over again. The next First-Time Homebuying Workshop is November 4th and the link to sign up can be found below.