For first-time homebuyers, waiting for the opportune time to jump into the market is critical.
A new mortgage program aims to close the ownership gap for minority homebuyers while bolstering historically Black and Latino communities.
The decision to buy a home for the first time is huge. Executing that decision can be daunting.
“It is challenging when you’re living paycheck-to-paycheck or you have other bills lined up on a monthly basis where you’re left with just a little bit at the end of that month,” said Stephen Lewis, who is the president of the National Association of Real Estate Brokers Dallas.
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Lewis says he is excited about a new program already making waves in the industry -- one that could have a far-reaching impact in Black and Brown communities and kickstart someone’s journey to homeownership.
“That’s still that dream for someone in that family and right now this could play a huge role in that outcome,” Lewis said.
Bank of America rolled out the program this week for its zero down payment, zero closing cost mortgage for first-time buyers in five markets across the country – including the Dallas area.
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According to the National Association of Realtors, the homeownership rate surged in 2020. However, the disparities persist. The homeownership rate for White Americans sits at about 72%. For Asian-Americans, it’s about 61%. Hispanic-Americans are at about 51%. And Black Americans are at about 43%.
This program incentivizes first-time home ownership in largely Black and Brown communities. There are seven eligible markets in North Texas including Dallas, Denton and Rockwall. Lewis said programs like this can change the game and alter people’s lives forever.
“These are for the families that are ready to build wealth today. Ready to get the process started today,” he said.
For more information visit FDIC: FIL-08-2022: Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B
