Finaya and Money Management International team up to help guide First Time Home Buyers and Underserved Communities

PALO ALTO, Calif., Aug. 29, 2024 /PRNewswire/ -- Finaya, the one-stop shop for homeownership, announces a strategic partnership with Money Management International, a leading provider of housing counseling and debt management services to guide first-time homebuyers and underserved customers in diverse segments through their homeownership journeys. In light of today's challenging real estate market, where the dream of homeownership has become increasingly unattainable for many, particularly for African American and Hispanic American customers, Finaya and Money Management International are committed to addressing the issue through education, resources and collaboration with like-minded partners. 

Today the homeownership gap keeps widening. As the US Census Bureau's American Community Survey conducted for 2023 points out, the homeownership gap keeps widening, with only 47% of people of color owning homes vs 71.1% for the white population.

In particular, the Hispanic population continues to grow, making up for 54.7% of US population growth between 2012-2022, according to the survey. Furthermore, Latinos with college degrees increased by 90% during this time, far outpacing the 34% overall. According to the Federal Reserve Survey of Consumer Finances, Latinos with college degrees have a median net worth of $229,000 vs those with no college degrees, where the median net worth is $41,000. The purchasing power of Latinos, including for homeownership, is rising faster than ever, and Finaya is poised to strongly support this community.

"Housing affordability is one of the most debilitating challenges of our time, particularly for first time home buyers from diverse constituencies," said Naren Nath, CEO of Finaya. "We are committed to providing education, guidance, counseling and resources to help communities before, during and throughout their homeownership journeys, in close partnership with Money Management International and other key partners in the space."

"We believe that owning a home should be more accessible, and MMI is positioned to help prospective homebuyers, particularly those in underserved communities and credit-challenged segments," said Helene Raynaud, SVP of Housing Initiatives at Money Management International. "Partnering with Finaya allows us to reach those who are learning about home buying, preparing for homeownership, and seeking personalized advice in order to achieve this cornerstone of the American Dream."

Concurrent with this partnership, Finaya is launching a comprehensive yet easy to navigate Learn section on its site. Here, home buyers and sellers can get a bird's eye view of the home purchase and sale journeys, zoom in wherever they would like additional details, and zoom back out to get full context. Consumers can familiarize themselves with the steps involved in home buying and selling at their own pace, with no sales pressure, and also leverage helpful links to partner sites to further their understanding. If they are interested, they can explore further, shop the Finaya marketplace for homes, mortgages, insurance and other home-related services without needing to talk to any sales representative until they are ready to.

Finaya thus continues to expand its offerings, which now include home buying and selling, loans, and insurance, with additional services that will be available on the digital marketplace soon. To find out more about MMI and how Finaya and MMI are working together, visit our website at www.finaya.com and head to the Finaya Learn section or the Money Management International website.

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About Finaya

Finaya is a comprehensive platform designed to simplify the journey of homeownership. From mortgage services to real estate solutions, Finaya provides the tools and resources needed to manage all aspects of owning a home in one convenient location. For more information, visit Finaya.

About MMI

Money Management International (MMI) has been at the forefront of financial health solutions for over 65 years. As a leading nonprofit organization, MMI is dedicated to changing how America overcomes financial challenges by offering timely and expert guidance. Recognized by major financial organizations and media groups, MMI's programs help individuals overcome their financial burdens and foster a life of financial wellness. Learn more at MoneyManagement.org.

SOURCE Finaya