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Prospective first-time homebuyers are getting financial help from state and national real estate agencies to make their home-buying dreams come true.
NAREB
The National Association of Real Estate Brokers (NAREB) is seeking to bolster Black homeownership with initiatives that can connect with the more than 2 million African American mortgage-ready renters who are not yet homeowners and other families and individuals in communities across the country.
According to NAREB President Dr. Courtney Johnson Rose, the “NAREB Building Black Wealth Tour” will make stops in 100 cities, bringing valuable education about homeownership and wealth building.
“Our mission is to alert families and individuals, and especially those who can qualify for a mortgage, how important it is to buy a home and be put on a path towards generational wealth,” Dr. Rose said.
She added, “Discriminatory housing policies have kept our families for generations from opportunities to build wealth. We want everyone to know the important steps and information that can lead to wealth-building and homeownership.”
According to sources, 45% of Black consumers do not know how much down payment is required, and with lower average credit scores and available funds, general unfamiliarity with mortgage requirements may disproportionately impact Black consumers, according to Fannie Mae’s 2023 Black Housing Journey.
The tour has held events in Houston, Birmingham, and Charlotte and has upcoming events in Mt. Vernon (4/13/24), Little Rock 6/8/24), New Orleans (8/3/24), Atlanta (11/9/24), Miramar (3/25), Beverly Hills, MO (6/25) and Los Angeles (8/25).
For more information, visit the website at https://nareb.com.
California Dream for All
California first-generation homebuyers can get up to 20% for their down payment or closing costs, not to exceed $150,000, thanks to a new state program.
Homebuyers must register for a voucher. A randomized drawing will select registrants who will receive the voucher. This will not be first come, first served.
To qualify, one of the borrowers must be a first-generation homebuyer. All borrowers must be first-time homebuyers, and income must meet the CalHFA Income Limits for the county you are purchasing in.
To obtain a voucher, prospective homebuyers must obtain a pre-approval letter from a participating California Dream For All lender, complete a free one-hour homebuyer education course and submit the required documents. The letter is required in order to register for a DFA voucher in April.
The registration portal will be open from April 3 at 8:00am PDT and close on April 29 at 5:00pm PDT. To get started, visit the website at https://calhfa.dreamforall.com or call 877-922-5432.
Citizens Trust Bank
Citizens Trust Bank has announced its Down Payment Assistance Grant Program to allow eligible homebuyers to overcome the financial barrier of making a substantial down payment when purchasing a home. Saving for a down payment remains one of the biggest barriers for many potential homebuyers.
Qualified borrowers can receive up to $2,000 for their down payment, and reduce the time needed to save for a down payment and provide another option for those who are otherwise ready to take on homeownership.
“For those who have been held back by the upfront costs associated with homeownership, down payment assistance, especially toward closing costs, can help to lower the barrier to entry and make the dream of owning a home a reality,” said Citizens Trust Bank Residential Mortgage Operations Manager, Yulanda Munford.
The significant increase in rents and property values has resulted in renters paying high monthly housing expenses, leaving them with insufficient savings for a substantial down payment. Down payment assistance and accessible grants are crucial in reducing obstacles to homeownership for those who qualify.
Interested applicants should call 678-406-4135 for more details, or visit the website at https://ctbconnect.com/.
