Viva: Hidalgo County homebuyers missing out on over $5 million in free grants every month

EDINBURG, Texas – The median U.S. renter has $6,300 in net wealth. The median U.S. homeowner has $254,000 in net wealth.

Edinburg-based Viva Home Team wants to reduce that gap.

“At Viva, we are a mission-driven team dedicated to closing the 40X renter wealth equity gap. We believe that everyone deserves the opportunity to build wealth and achieve financial stability, regardless of their housing status,” said Viva CEO Michael Barnes.

“We strive to empower renters by providing access to essential benefits – resources, tools, and support to help them improve wealth and well-being – to achieve lasting financial resilience. Our goal is to bridge the gap between renters and homeowners, fostering a more equitable and inclusive society.”

The Rio Grande Guardian conducted an interview with Barnes to ask how Viva is going about this. In the interview, Barnes said homebuyers in Hidalgo County are missing out on more than $5 million in free grants every month, with each family potentially losing out on over $5,000 in grant money when purchasing a home. 

Barnes said this “alarming trend” means that, in a year, homebuyers in Hidalgo County could collectively miss out on $60,000,000. “Why spend $5,000 cash at closing when this money could be saved for emergencies or essential home renovations after the purchase?”

In the interview, Barnes said Viva has uncovered that a significant majority of Rio Grande Valley homebuyers – more than 90 percent – qualify for a time-limited grant worth $5,250. He said this grant, backed by Fannie Mae, can be accessed directly through their Viva Home Team program.

Here is what he said:

“Our big focus is trying to help renters close what we call the 40x Renter Wealth Equity Gap. And that just means the median net wealth for a renter is 40 times less the median net wealth for a homeowner. And, as you know, renters comprise a majority of lower income and diverse populations, and especially in the Valley, can be difficult for people to overcome that hurdle.

“So our journey for last few years was just trying to really look at this idea of benefits. There are things out there that can help renters overcome challenges, including homeownership.”

Barnes said the Viva Home Team program connects renters directly with experts via text chat to help them optimize the home buying process. He said the service is completely free and comes with no obligations or requirements. However, he said, Viva is equipped to connect residents with realtors or mortgage lenders as needed to assist them in buying a home.

In the interview, Barnes said that 90 percent of the renters Viva talks to say home ownership is their top goal. 

“That’s the definition for most people of the American dream. And so what happened is, on our journey, we found there were certain grants that were exceptionally tailored to regions like Rio Grande Valley and specifically the McAllen MSA (metropolitan statistical area),” Barnes said.

“And there’s this one that is backed by Fannie Mae, and they provide the grant directly to the mortgage lenders, and it gives $5,250 credit that is not income restricted. It’s literally based on the fact that you live in this census tract for McAllen MSA.”

The McAllen-Edinburg-Mission MSA covers all of Hidalgo County.

Barnes continued: “Working with people in the county, we found that almost none of the approximately 1,000 plus buyers per month are aware of this grant, nor are their agents and brokers. 

“So, we’re basically using this as what we like to call a 100% awareness campaign. We want to reach out to brokers, realtors, title companies, even elected officials, and say, hey, let’s make sure that everybody knows (about this grant), because every month that goes by, people are spending $5,000 out of pocket that they don’t need to, that is already covered by a grant designated specifically for them.”

Editor’s Note: Here is an audio recording of the interview with Viva Home Team CEO Michael Barnes:

Editor’s Note: For more information on the Viva Home Team program and how to apply for the grant, visit their website at www.vivahometeam.com or contact them via email at info@vivahometeam.com.

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