More families are taking the plunge, thanks to financial assistance programs and personalized advice
By Carlos Roa
Owning a home is one of the great dreams of the Hispanic community in the United States, and Pittsburgh is no exception. Although the city offers huge opportunities, its real estate market can be complex for those unfamiliar with the rules, available resources, or financing options.
Aware of this need, the Pittsburgh Hispanic Development Corporation has made its homebuyer program one of the central pillars of its housing program. Lorena Ficarra, the organization’s Housing Manager, accompanies clients from the first step to the closing of the purchase and the delivery of the keys to the property with Spanish-speaking real estate agents and financing entities.
Partnerships and planning
“We partner with other nonprofit organizations that have programs to help with down payments and closing costs,” explains Ficarra. “If someone doesn’t know where to start, we accompany them from scratch, explaining the process step by step.”
The key, she says, is planning. “Many people believe it is unattainable. But today there are programs that make possible what once seemed impossible,” she affirms.
For example, it is no longer necessary to save 20% of the value of the home: today you can start with just 3% or 5%, and even that amount can be covered by assistance programs. “In some cases, it is not a loan, it is financial assistance for closing costs,” she emphasizes.
With time on your side
The support includes reviewing the applicant’s financial history, credit score, and documents such as tax returns and bank statements.
If necessary, PHDC, in collaboration with strategic partners, suggests credit improvements and designs a personalized plan. “Sometimes you have to wait a few months, but it can be done,” says Ficarra.
The Hispanic Corporation holds two to three rounds of individualized information sessions per year, with more than 20 participants per session, in conjunction with banks and partner entities. These sessions provide individual guidance, profile reviews, and planning. Each session lasts an hour and a half. “But if someone wants to start today, they can. They don’t have to wait for the next session,” he clarifies.
To date, PHDC has facilitated the purchase of homes for seven families in the Pittsburgh area and helped two obtain loans to remodel their first homes.
The emotional value of a property
Buying a home, she adds, also has emotional value. “It’s not just an investment: it’s your space, your style, your place. And being a homeowner allows you to build credit and increase the value of your property over time.” This increases buyers’ perception of financial security and emotional peace of mind.
The specialist’s final message is clear: “With planning, advice, and access to the right programs, the dream of owning a home is closer than many people imagine.”