Document text
Home ownership happens Mail Tribune / Bob Pennell From left, Alondra, 14, Gladys and David, 10, and the rest of the Rivas family have achieved the American dream of home ownership. Hispanic family proves they 'have the power' By JESSICA SMITH Gladys Rivas, a Guatemalan native, wouldn't give up on her dream of owning a home in Medford. One of a growing number of minority homeowners nationwide, Rivas recalls being told in the early 1990s that she didn't qualify for a loan to purchase a house. "The people at the bank and real estate (office) don't believe in me," Rivas remembers thinking. "But I have the power. I can do it." And she did. After seven years, Rivas and her husband, Francisco, have paid for their modest three-bedroom, two-bathroom house in west Medford, joining some 1,315 Hispanic families who own the homes where they live. According to recently released Census data, about 46 percent of the Hispanic households in Jackson County are families that own their homes, which reflects national trends. Though there are no local statistics, recent government surveys have shown home ownership rates nationally increased for Hispanics from 41 percent in 1994 to 46 percent in 1999. Likewise, home ownership rates for blacks increased from 43 percent to 48 percent over the same period. In Jackson County, of the homes occupied by blacks, about 29 percent are owned, according to 2000 Census figures. And about 53 percent of the county's Asian American families own their homes. Meanwhile, the Census figures show that whites in Jackson County own a higher percentage of homes, about 68 percent. Some say education - for homeowners, Realtors and bankers - has likely led to increases in minority home ownership. Argelia Whittington, a former Consumer Credit Counseling adviser, points to local classes that are tailored to Hispanics and first-time home buyers from other ethnic groups. "A lot of the time, these people don't even know they can buy a house," said Whittington. "They have to get that information. They have to know how it works. They have to know how to take that first step." The "ABCs of Home Buying," sponsored by Consumer Credit and ACCESS Inc., a regional community-action group, teaches minorities and low-income families how to navigate the world of real estate. Meanwhile, banks have worked to develop loan products that meet the needs of those groups, said Ceasar Quinonez, a real estate agent for Century 21 Crater Realty. "Most of the lenders know where these people are coming from," said Quinonez. In the Hispanic community, for example, families generally don't use savings or checking accounts, Quinonez said. Hispanics tend to rely on "mattress money" - cash - for their day-to-day affairs. Most Hispanic first-time buyers require help to establish credit, open savings accounts and create a financial portfolio that demonstrates their ability to pay. But banks are increasingly willing to look at unconventional financing methods, Quinonez added. For the Rivas family, Key Bank crafted a loan with zero down, and required only payment of closing costs up front, among other terms. Once the Rivas' landlord - the family wanted to purchase a house it rented for two years - saw that Key Bank considered them a good risk, he offered to carry the loan himself. The Rivases arranged to pay the loan in seven years. "It was hard to make the loans in the beginning. The people at the banks think Hispanic people can't pay," Rivas said. "Now, I don't have any mortgage." Reach reporter Jessica Smith at 776-4481, or e-mail [email protected] Mail Tribune Home | Ottaway Newspapers, Inc. | Dow Jones & Co., Inc. | Privacy | Contact Us Copyright � 2001 Mail Tribune, Inc.