Homeownership is without a doubt, one of the best ways to achieve wealth for yourself and for your family. Homeownership instills a sense of community and pride that is conducive to a safer and more socially fulfilling living environment. It's simple. When people invest in their neighborhood, they care what happens to it. Afterall, it's the biggest investment that they will probably make during their lifetime. According to the U.S. Census bureau homeownership for all races have been steadily rising. This is great news for the African American community, but more work needs to be done to narrow the gap in homeownership between segments of the population. The statistics for homeownership in the year 2005 were as follows: Non hispanic white: 75% Asian & Native American: 59.4% Latino: 49.7% African American: 48.8%Studies show that, homeownership still eludes low income families. If you are thinking of owning a home, know that the dream is possible. The Housing and Urban development provides the following guides for consumers of all income ranges, when considering homeownership. 1.Figure out how much you can afford. This is extremely important as it sets the tone for your home search. What neighborhoods should you consider? What type of home should you buy: condo, townhome, single-family-home (SFH)? 2. Shop for a loan. Find a service that offers multiple loan quotes at no charge. Do this first BEFORE you seriously start looking for a home. Most sellers require pre-qualification before they allow you to make an offer. In addition, it ensures that you can qualify for the right loan amount. 3. Shop for a home. Based on how much you can afford and how much a mortgage lender has qualified you for, you can now find a home that meets your needs. 4. Make an offer. If you are working with a real estate agent, they can make an offer to the home seller. 5. Go to closing. A settlement attorney will draw up the final paperwork to ensure that the title for the home is free and clear of any liens. Lastly, congratulate yourself. Keep the dream alive! |
