The Hispanic homeownership rate increased to 49.5% in 2023, marking nine years of consistent homeownership growth, according to the National Association of Hispanic Real Estate Professionals (NAHREP).
Despite a tight housing market and affordability challenges, the Hispanic community created 377,000 new homeowners last year, marking one of their largest single-year gains over the past decade.
But while the homebuying process can be difficult to navigate and understand, especially as a language barrier presents an additional obstacle for many borrowers, Erica Paradise, a fluent Spanish-speaking mortgage banker, can help by offering borrowers genuine customer service, established planning, and an understanding of Hispanic clients.
Down Payment Assistance and More Available for First-Time Homebuyers in Tampa, Florida
The City of Tampa offers down payment assistance loans for properties within the city limits of Tampa, FL. The “Dare to Own the Dream” (DARE) program offers eligible first-time homebuyers up to $50,000 to help them achieve the dream of homeownership.
Connecting with an experienced loan officer can help you and your family determine the best home financing programs available for your situation.
As a second-generation loan officer, Erica Paradise offers her clients expert knowledge and guidance throughout the entire loan process.
Common Misconceptions About the Mortgage Process
Misconception #1: You Need a 20% Down Payment to Buy a Home
Saving up a 20% down payment is a huge obstacle for many borrowers. FHA and VA loans allow buyers to purchase a home with as little as 0-3.5% down.
Misconception #2: If There’s a Language Barrier, You’re Going to Have a Hard Time Buying a Home
We are proud to assist and empower all of our borrowers during the mortgage process, which is why we’re committed to overcoming any and all communication barriers. Many of our team members are bilingual, so there is no need to worry about any potential language barriers here.
Misconception #3: You Need Perfect Credit
While good credit can help you secure more favorable terms on your loan, it’s okay if your credit score isn’t perfect. Your loan officer can help you find realistic ways to improve your credit score while finding loan programs that fit your needs.
Misconception #4: If You Don’t Have a Social Security Number, You Can’t Buy a House
Some Hispanic borrowers may not have a Social Security number. With an Individual Taxpayer Identification Number (ITIN), borrowers are eligible to apply for certain loan products without a Social Security number.
Speak with your trusted loan officer today to determine the best loan products and solutions for you and your family.
Meet Branch Manager Erica Paradise, MBA
Erica Paradise is a second-generation mortgage banker that first started working for her mother’s mortgage company many years ago. With the abundant experience from her family mortgage business, combined with her Masters in Business Administration degree, Erica provides an in-depth financial approach toward the mortgage process.
The excellent experience that she provides to her clients brings them back time and time again. Evident from the various awards from Florida Housing for first-time home buyers, President's Club awards, and top loan officer awards, Erica has built a level of trust with her clients that is unmatched in her field. Her clients are like family and will work to always exceed their expectations and keep them at ease during their home financing experience.
When not volunteering for foster children or serving on the foundation board for AdventHealth Tampa Hospital, she is constantly finding new ways to support the military community and their families through various local charities.
For assistance with your home financing in Tampa, Florida, and beyond, contact Erica Paradise for a mortgage consultation today!
