Los Angeles News

Get Home Now gives San Fernando Hispanic families chance to own home

Wednesday, April 04, 2012

A new program in the city of San Fernando matches working families with foreclosed and vacant homes.

"There are so many vacant foreclosed homes that it really makes people afraid to get off of the sidelines and into the market, and that's why this Get Home Now program is designed to tell people that you can take opportunity into your own hands and there are people here to help you make it all happen," said Vaughn Irons of ARP Solutions, which runs the program.

ARP has announced a $10 million commitment to help turn more residents in San Fernando into buyers.

The two keys to Get Home Now's success are credit-flexible mortgages and help organizing and financing renovations, which are often needed on foreclosed properties.

"Sometimes in foreclosure market, a lot of the families are beat out by investors that are paying all cash. Well, this kind of gives them an edge, a leg up to be able to compete with them," said Jerry Ascencio, president of the National Association of Hispanic Real Estate Professionals.

The group is targeting San Fernando largely because it's predominately Hispanic, a demographic Ascencio said is poised to be become a leader in the housing market recovery.

In the third quarter of last year, 53 percent of U.S. homes were purchased by Hispanic families. In a housing market in which some experts say could see another surge in foreclosures later this year, it's a win-win proposition, according to city officials.

"We have so much pride in our community, in our city and we would love our neighborhoods to be where they should be," said San Fernando Mayor Brenda Esqueda. "I believe homeownership brings pride and therefore our neighborhood will reap the benefits."

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housing market, real estate, los angeles news, leanne suter
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