Ok, in the spirit of find a need fill a need, as well as being both culturally and civically responsible, home ownership or the opportunity to own a home is a right that for everyone regardless of culture, religion, sexual orientation, or age.
Now of course you have to work for an earn that right by being able t pay for or obtain a mortgage for said home. As this is not always easy nor is the information readily available to support this endeavor.
Well, we will work through these opportunities as well as information to make it so much easier.
The Fall in Back Home ownership (The Root Magazine Link)
All across this country the homeownership gap between whites and non whites avearges from 22%- 50% in some states. Let’s be clear. I am for home ownership for ANYONE and by increasing the rate of everyone It helps up leave NO – ONE behind. During this blog post we will explore the various ways to fins support in gaining home wonership.
Let’s start with the most important thing, the money. We are beyond the days of people saying enough to purchase a property outright. Can you believe that people used to buy their houses with little or NO mortgage? My mother and father bought our family in Mt Airy in 1968 for $27,000. Now homes on that very block 8600 Temple Road have sold for $218,000. Time flies.
Enough reminiscing, what do we do?
NACA or Neighborhood Assistance Corporations of America has some of the best mortgage rates. Why? because they are a non-profit based on helping promote home ownership NOT profits. Their funding comes from the government as well as from lawsuits filed against banks that profited during the housing crash which awarded NACA millions to be used to write more loans.
BY NO MEANS IS ANY MORTGAGE PROCESS SMOOTH. There are many issues that can arise when dealing with borrowing those amounts of money for a home. However, NACA and their process is WORTH IT especially if you dream of home ownership and do not have the best credit score OR money to put as a down payment.
Here is a LINK to NACA to get you started or call me to help you make appointments to get you started.
Secondly, if you have good credit and want to get started IMMEDIATELY you can ALWAYS find a good mortgage broker or bank that will walk you through the process. I know SEVERAL good mortgage brokers ( I will be doing an interview with two before the summer). Just hit me up to send you some very good references that will get you through and also help you find some discounts to boot.
That leads us to the next part: THE MONEY $$$$$$$goo
Okay, he IS money out there to help with closing costs. There are first time home buyer’s grants for like:
1: HUD’s Good neighbor Next Door programs for Teachers, Police / Law Enforcement, Emegency Medical Personnel. and Fire Fighters. This HUD program will cut the price of some houses in specific areas up to 50% of sale price. HUD also has other programs for non-profit organizations and other programs. You will be bidding on these homes, and they will likely need some repairs BUT you will get a great deal.
2: “We honor your service”
There are programs through the Veterans Administration (VA) that mortgages for home have NO downpayment and NO or very little closing costs at all. Amazing program .
3: The USDA (United States Department of Agriculture) has programs similar to the VA mortgage program. The only unique requirement is it has to be in a rural area. This cold include some suburban areas that are on the edge of rural. Another great program.
4: First Home Club with Quontic Bank (NY): This bank has a program when you deposit into a account at the bank, they will match $4 for every dollar you deposit towards the purchase of a home in NY up to $7500.
5: First Front Door: This program is similar to the First Home Club but extended to other states. However, you DO NOT need to deposit the money into an account just have it available for closing costs. Great program. I have had several clients that have taken advantage of this program.
6: The Philly First Grant that offers up to $10,000 in closing costs for 6% Philly First Home Program (link) of closing costs to purchase a home. You have to ACT NOW with this one as I have a few clients enrolled and although there were a few million for this program, it is quickly being accounted for.
7: A GOOD MORTGAGE PROKER: will help FIND you money and opportunities to get additional funds for closing. Ask them. As I said before, I will shortly be interviewing a few of these GOOD BROKERS. Stay tuned. Otherwise, happy house hunting.