Survey: Hispanics Face Mortgage Hurdles

Hispanic and low- and moderate-income borrowers are having trouble getting mortgage financing, according to the National Association of Hispanic Real Estate Professionals, which is urging Congress to pass a Federal Housing Administration reform bill to help alleviate the credit crunch."Our members overwhelming favor reform and believe a majority of their customers could benefit from an FHA loan," NAHREP chairman Felix DeHerrera said. The House is expected to vote on an FHA reform bill (H.R. 1852) during the week of Sept. 17. Nearly 67% of the NAHREP members surveyed by the trade group and Wells Fargo Home Mortgage said they have turned away one-third of their customers because they could not qualify for conventional mortgage products. "However, 77% of respondents said that more than half of their customers could be helped if proposed changes in FHA programs are enacted," NAHREP said. About 58% of NAHREP's 14,000 members are real estate agents and 34% are mortgage brokers and lenders.