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Special Reports
Downpayment Assistance Programs
Esperanza Provides Help for Hispanics
By Amilda Dymi
Freddie Mac has joined forces with Hispanic faith-based organization Esperanza
USA, a subsidiary of Nueva Esperanza Inc. located in North Philadelphia, to help its efforts in assisting Hispanic
first-time buyers overcome typical homeownership barriers such as lack of down payment, financial illiteracy, and
credit impediments.
Esperanza, which provides technical assistance to religious and community-based organizations assisting those living
with HIV/AIDS, and offering job development opportunities for adjudicated youth, launched CreditSmart Español
free of charge in the community.
Freddie's signature six-hour instructor-led financial literacy workshops are being offered both in English and
Spanish and will be available to residents in Philadelphia, Allentown/Bethlehem, Pa., and Camden, N.J.
The goal, Esperanza said, is to enable more families to overcome key barriers to homeownership such as impaired
credit, inadequate resources for down payment and lack of information about the homebuying process.
"Owning a home is part of the American dream. By offering this resource,
Freddie Mac and Esperanza USA are empowering those in the Hispanic community to make that dream a reality,"
said Esperanza USA president Rev. Luis Cortés, Jr.
Hispanic families that struggle with financial issues need to be better prepared to deal with the challenges of
spending wisely and saving. According to a recent Commerce Department report, Esperanza said, "people in America
are spending 5% more than they earn. They are using their savings or credit to make ends meet."
Workshop instructors provide information about credit and credit management, insight into how lenders assess credit
histories, and how credit affects one's financial goals such as renting an apartment, buying a car or home, or
getting a job.
Freddie's research data shows "significant numbers of African Americans and Latinos lack accurate, reliable
information about the homebuying process. Esperanza USA is spreading the word about homeownership in their member
churches and in the community through its website: www.esperanza.us. More than 57,000 people have attended Freddie's
CreditSmart classes since it was launched in 2000.
Moreover Esperanza has trained local non-profit organizations and churches to conduct CreditSmart Español.
"The role of church leaders in the community gives them a unique opportunity to reach people who may be facing
obstacles to buying a home," said senior vice president of Freddie Mac, Dwight Robinson.
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