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RealEstateLatino In the NEWS

NAHREP Publication REAL VOICES | Issued: Winter 2005 | Editor: Elizabeth Lopez

La Vecindad.

Al igual que varios integrantes latinos Carlos y Carmen tuvieron que vencer las barreras del idioma, ciudadanía y la falta de crédito antes de poder llegar a ser propietarios. Afortunadamente encontraron a un consejero confiable llamado William Arce con Commonfund Mortgage en Syracuse, New York quien los guió en el proceso de compra de su casa. Hace solamente nueve años, Arce se encontraba en las mismas circunstancias que esta familia cubana como un nuevo inmigrante en los EE.UU.

La familia Moreno le pidió ayuda al Sr. Arce en la búsqueda de un préstamo para comprar su primera casa. “Quería invertir mi dinero en algo que valiera la pena, como una casa,” dijo Carlos Moreno. “Quería que mis hijos tuvieran un hogar que pudieran sentir suyo.” La familia Moreno puso su confianza en el Sr. Arce quien los ayudo a vencer las barreras que debían enfrentar.

Arce estaba preparado. “Tenia cinco anos de experiencia como agente de bienes raíces y un ano como consultante de prestamos hipotecarios, estaba decidido a encontrarles el mejor préstamo para su hogar,” dijo Arce. Como profesional bilingüe, Arce ayudo a la familia Moreno a vencer el obstáculo más desafiante, el idioma. “Fue algo refrescante poder hablar con alguien en mi propio idioma,” dijo Moreno.

Primero, tuvieron que demostrar la residencia de la familia. A pesar de no ser ciudadanos, la familia Moreno tenia permiso para trabajar en los EE.UU. y eso hacia posible el poder demostrar su residencia. La experiencia del Sr. Arce tomo lugar “Necesitaban renovar sus permisos para poder recibir las tarjetas como residentes permanentes,” dijo Arde. Esto también seria suficiente para satisfacer el requisito residencia en la solicitud del préstamo.

El siguiente desafío sería demostrar el historial de pago de la familia Moreno. Arce buscó varias maneras para demostrar que la familia Moreno era confiable y podría efectuar los pagos de la hipoteca, pero nada les daba resultado. “Como hijo de una maestra, yo sabia que no podía darme por venido,” dijo Are. Entonces fue que recopiló cartas de los negocios que vendieron mercancía a la familia Moreno. La estrategia resultó y las cartas fueron suficientes para satisfacer el requisito del crédito.

Con las barreras vencidas, la buena noticia no se hizo esperar: la familia Moreno había sido aprobada para un préstamo FHA de Nehemiah. El préstamo también les proveo con un fondo de 6% del precio de venta que fue usado para el enganche de la casa de dos pisos y cuatro cuartos. “Es increíble, finalmente puedo remodelar y decorar mi casa como siempre he soñado,” dio Carmen Moreno. “Yo soy la dueña aquí.” Se rió.

La inversión en una casa le ayudará a planear para el futuro de sus hijos. A sido probado que el ser propietario es un factor clave en la habilidad que tiene una familia de mandar a sus hijos a la universidad. Ahora los hijos de la familia Moreno, Michael y Dayanis tienen esa oportunidad gracias a miembros de NAHREP como el Sr. William Arce.

 
 
The Neighborhood

Like many Latino immigrants, Carlos and Carmen Moreno had the obstacles of languages, proof of citizenship and lack of credit history to overcome before they could become homeowners. Luckily, they found a trusted advisor in NAHREP member William Arce of Commonfund Mortgage in Syracuse, New York, who guided the Cuban family through the home-buying process. Only nine years earlier Arce found himself in similar situation as a new immigrant in U.S.

The Moreno family came to Arce in search of a home loan. “I really wanted to invest my earned money into a house,” said Carlos Moreno. “I wanted my kids to have a home to call their own.” The Moreno family put their trust in Arce who helped them overcome the hurdles ahead.

Arce was also prepared. “ I had five year’s experience in real estate sales and one as a mortgage consultant, I was ready to find this family the right loan for  their home,” said Arce. As a bilingual professional, Arce helped the Moreno family overcome one of the most challenging barriers: languages. “It felt good to speak with someone in my own language,” said Moreno.

First, they had to prove the couple’s residency. Although they were not U.S. citizens, the Moreno family had to work permits that could possibly prove their residency. Arce’s personal experience came into play “They needed to renew their job permits in order to receive a green card,” said Arce. “This was also enough to satisfy the requirement of residency for the loan application.

The next challenging was proving the Moreno’s creditworthiness. Arce searched for various ways to prove that the Moreno’s could make payments and were trustworthy but they all came to a dead end. “As a son of a teacher, I knew I couldn’t give up,
said Arce. He took a leap of faith and attempted to prove their credit by collecting written letters from the various vendors that sold merchandise to the Moreno’s family. The strategy worked and the letters were sufficient to satisfy the credit requirement.

With the hurdles behind them, the good news soon came: the Moreno’s had been approved for an FHA Nehemiah loan. The loan also came with a 6% gift fund on the sales price that they could use as the down payment for a four-bedroom, two-story home. “It’s unbelievable, I can finally decorate and remodel my house as I wish,” said Carmen Moreno. “I am the landlord here,” she laughed.

The investment in a home will help the Moreno’s plan for their children’s future. Homeownership has prove to be a key factor in a family’s ability to send their children to college and now the Moreno’s son Michael and daughter Dayanis may have that chance thanks to NAHREP members such as William Arce.

 

 

 

For Immediate Release

RealEstateLatino.com Announces Advisory Board Members -

Jacksonville, Florida. - (July 28, 2008) - RealEstateLatino.com(REL), the nation's leading online real estate educational resource for the Latino community, announced today that it has formed an advisory board comprised of industry leaders that will assist REL achieve its mission. "After careful considerations and due diligence, REL is proud to welcome Tino Diaz, Managing Director & CEO of CharisPROS and Vice Chair of the National Association of Hispanic Real Estate Professionals (NAHRE); Anna Alvarez-Boyd, vice President and Programs Manager of the Congressional Hispanic Caucus Institute (CHCI); Rob Heering, Founder and CEO of Casa Latino Real Estate Franchise; and Pablo Wong, Senior Vice President for Fidelity National Financial," said Bill Arce, the President and CEO of REL Inc.

Earlier this year, REL announced its code of honor "Impeccable Ethical Behavior" and the services of AT Funding as its first provider of real estate financial services to REL customers. Most recently, REL secured John Maley as its CFO.

The advisory board will guide REL in the development of its business strategy, consumer education program, web content and design, internet positioning and marketing. "The tremendous knowledge and diversity in their strengths and background will be of tremendous asset to REL. They are all successful professionals and have displayed a commitment to excellence in promoting home ownership in the Latino community," said Mr. Arce.

"In these times of change and strife in the real estate market there is a desperate need for consumers to find trustworthy information and professionals that enable them to become homeowners, sustainably. I could not be more pleased to see the introduction of this venture by my respected colleague Bill Arce. Bill has given a great deal of devotion and care over many years to building an organization of professionals that are committed to building this nation through the application of prudent and conscientious business practices in the real estate arena. At last, it has arrived!, said Tino Diaz. I commend Bill and his team for this much needed and excellent approach to serving consumers, Mr. Diaz concluded."

According to eMarketer, there were 15.7 million Hispanic internet users in the United States in 2005, rising to 16.7 million in 2006. The number of users is expected to grow by 33 percent over the next five years, reaching 20.9 million in 2010. "As a result of this fast-growing market segment, RealEstateLatino.com offers in its portal, direct access to real estate information, homes for sale, a real estate agent directory, and information on foreclosure prevention and predatory lending," said Arce.

About Real Estate Latino, Inc.:

Real Estate Latino, Inc.,based in Jacksonville, Fla., is the nation's leading resource and provider of information via RealEstateLatino.com. Its mission is to meet the real estate needs and objectives of our customers through the highest ethical and best professional services. Launched in 2004, RealEstateLatino.com was founded by William R. Arce to address Latinos real estate concerns about real estate. For more information please visit, www.realestatelatino.com. Information on each of the advisory board members can be found in www.RealEstateLatino.com

Media Contact:
Dunia Arce (904) 647-4420
Info@realestatelatino.com

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