Four critical "gaps" -- involving information, affordability, credit, and confidence -- must be addressed in order to close a fifth one, the gap between the overall homeownership rate and the minority homeownership rate, according to Fannie Mae's annual National Housing Survey.The survey found a significant difference in the levels of accurate homebuying information between the general public and minority communities, especially Hispanic households where Spanish is the predominant language. The survey also found an affordability gap between the general public and groups such as renters, lower-income families, and people who began, but did not complete, the homebuying process. A credit gap -- related to reported levels of experience with credit and debt -- was also found to exist between Spanish-dominant Hispanics and most other groups. Only 15% of Spanish-dominant Hispanics say they have a great deal of experience in this area, compared with 40% of the general public, Fannie Mae reported. Regarding confidence, the survey found that African-Americans and Spanish-dominant Hispanics were significantly less confident than the general public that they could successfully complete the homebuying process. Fannie Mae can be found online at http://www.fanniemae.com.

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