"In terms of the pandemic, everybody had a shortage of money. I was able to save enough for just the closing cost," first-time homebuyer Andres Bustos expressed.
MORTGAGE APPLICATIONS SHOW RESURGENCE NOT SEEN SINCE APRIL
During the sub-prime mortgage crisis of 2008, Hispanic homeownership dropped to record lows.
However, programs such as the VA Home Loan Program, which offers a zero-down payment plan, made it possible for the Hispanic and Latino community to bridge the gap in homeownership – even during the coronavirus pandemic.
Bustos noted that a down payment on a home was a major cost and the Veterans loan program took a "big burden" off his shoulders.
Despite low inventory in the housing market, the Hispanic and Latino communities are the only demographic that has consistently increased the rate of homeownership in the last six years.
The Hispanic and Latino homeownership veteran rate is much larger than the civilian rate. Homeownership among veterans is 65.3% compared to civilians at 48.1%, according to the Veterans United Home Loans data.
Additionally, the Urban Institute projects that 70% of new homeowners will be made by Latino and Hispanic homebuyers over the next 20 years.
As FOX Business celebrates National Hispanic Heritage Month, Bustos noted how it felt to own a home.
"Owning this home to me is just…living the basic American dream. I'm able to…pass down something to my son being a single father. It's a big achievement for me," he told FOX Business.