First Community Mortgage Launches Hispanic Home Opportunity Loan Program
Middle Tennessee-based national mortgage firm says HOLACASA is a branding and consolidation, expansion of initiatives it was already offering in this area
NASHVILLE, Tenn., Aug. 31, 2021 /PRNewswire/ -- First Community Mortgage announces the launch of HOLACASA, a home opportunity loan program breaking down barriers to homeownership for Hispanics. The official rollout came at NAHREP's (the National Association of Hispanic Real Estate Professionals) Re:Connect event in Nashville.
"This is the branding and consolidation of the many initiatives we offer for the Hispanic and Latin communities," says Miguel Vega, FCM's EVP of Multicultural Business Development and the company's Chief Diversity Officer. "We wanted to wrap everything we've been doing under an official name as we continue to refine and expand the initiative."
Vega notes that HOLACASA is more than just an ITIN (Individual Taxpayer Identification Number) mortgage loan program, though it does include that component. FCM assesses mortgage applicant creditworthiness through other non-traditional qualifiers for a workforce that often includes individuals who are self-employed, seasonal workers or derive income from multiple jobs. In addition, the company offers educational resources to make prospective Hispanic homebuyers more familiar and comfortable with the mortgage lending process.
"The Hispanic housing market is currently the main driver of homeownership growth in America," Vega says. "Hispanics have accounted for 62.7 percent of net U.S. homeownership gains in the past decade, and leading indicators suggest this trend will continue for the foreseeable future."
FCM says it is dedicated to helping build a community of prospective multicultural homebuyers, noting that its highly successful Multicultural Lending Initiative (MCLI) was launched in 2016. HOLACASA, which grew out of and expands upon the MCLI, also provides real estate professionals with translation support, education programs, bilingual mortgage marketing resources and lending products (including ITIN home loans and other specialized programs), as well as other products and services.
"We are honored to be recognized as one of America's leading companies for Multicultural Market Outreach," says Keith Canter, CEO of First Community Mortgage and one of the company's co-founders. "Our expertise offers real estate professionals, including Realtors and brokers, a unique competitive advantage in the Hispanic market, the largest multicultural segment and second fastest growing ethnic group in the U.S."
HOLACASA is open to foreign nationals and non-resident immigrant status with ITIN/W7 U.S. tax return filings; applicants must have filed taxes in the U.S. for the previous year. The loans may be used for primary residence, second home and investment properties, and are also available for non-warrantable condos, manufactured homes, 1–4-unit properties, townhomes/PUDs and vacant land. Loans up to $6 million. The HOLACASA website includes other facts, opportunities and guidelines.
"The American dream of owning a home should be a reality for everyone," Vega says. "Homeownership offers a sense of stability, pride of ownership and the opportunity to build equity and wealth for future generations."
Consumers and real estate professionals interested in learning more about HOLACASA should contact us via our website.
First Community Mortgage, Inc. is a wholly owned subsidiary of First Community Bank of Tennessee, and includes Wholesale, Correspondent and Retail divisions. FCM is a FNMA, FHLMC, and GNMA seller/servicer and offers mortgage solutions to consumers and financial institutions. FCM funded over $3.5 billion in home loans in 2020. It was recently named one of the Best Places to Work 2021 by the Nashville Business Journal and one of the Top Work Places 2021 by the Tennessean newspaper. First Community Mortgage is an Equal Housing Lender, NMLS ID 629700.
Media inquiries
B. Andrew (Drew) Plant
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678-637-5532
First Community Mortgage
Megan Chastain, VP of Marketing
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731-610-1504
SOURCE First Community Mortgage
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