LATINOS COURTED ONLINE WEB SITE TARGETS HOME BUYERS.

Byline: Gregory J. Wilcox Staff Writer

Two huge financial services companies on Monday partnered with Internet portal Univision.com in launching Casa, a Web channel designed to improve home buying prospects for Latinos nationwide.

The endeavor, which includes Calabasas-based Countrywide Credit Industries Inc. and Fannie Mae, is billed as the first online Spanish-language resource devoted to home buying.

The site will feature online loan applications, a mortgage calculator and other tools.

Fannie Mae, the world's largest nonbank financial services company, provided technology enhancements enabling Countrywide to provide mortgage products on the site.

The Casa Channel also gives consumers information about the mortgage process, including the importance of understanding credit status, when and how to refinance an existing mortgage, an overview of home improvement projects and financing, and a glossary of key mortgage-related terms.

The True Cost Calculator is an online tool that helps consumers calculate all the costs of getting a mortgage, including interest rates and points, mortgage insurance costs, appraisal fees, title insurance fees, and other settlement charges.

``By working with industry leaders like Countrywide and Fannie Mae, we are taking a significant step toward bringing the full scope of home-ownership opportunities offered online to Spanish-speaking Internet users, who have been underserved until now,'' Javier Saralegui, president of Univision Online, said in a statement.

Officials at Fannie Mae could not be reached for comment.

In 1999, 45.5 percent of Latinos owned their own homes. With the creation and launch of Casa, Univision.com, Countrywide and Fannie Mae hope to help increase that number.

The Casa Channel also includes information about renting and leasing and tenants' rights. Decorating, remodeling, repair and gardening tips are also offered.

However Robert Gnaizda, policy director at the Greenlining Group, a San Francisco-based advocacy organization, doubts whether Casa, which means house in Spanish, will have that big an impact on home ownership.

The big problem for this market is affordability, he said.

``I think it's a good idea but the biggest problem for Latinos is the price of homes relative to their incomes. It's a good idea, but will it make a big difference? No,'' he said.

He estimates that ownership in this market in California is about 38 percent.

Tony Valdez, vice president of retail business development at Countrywide, agrees that affordability is a problem and notes that the site is primarily an information tool.

For example, prospective buyers can learn that a 20 percent down payment is no longer required for a home purchase.

``We're not selling loan programs. We're just defining programs and (real estate) terms,'' he said. ``We're helping people find out how much they can afford.''