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CHECKLIST Top 5 best practices for minority homeownership
by HousingWire
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The August/September issue of HousingWire Magazine is dedicated to housing wealth in all forms. Minority homeownership is inseperable from the conversation around building housing wealth. Below, Dalila Ramos, founder of Love and Tacos Media, shares her top five tips for improving the minority homeownership process. "I personally know the homeownership journey can be complex and scary, but with thorough research, financial preparedness and the right support circle, you can achieve your goal of homeownership. I am a walking testimony to it!" Use Ramos' tips below to best support the minority homebuyers in your community.
✔ Educate yourself about the process
Familiarize yourself with the home-buying process, including mortgage options, down payment requirements and closing costs. Understand the terminology and seek guidance from homeownership workshops, seminars or online resources tailored to minority borrowers.
✔ Establish good credit
Building and maintaining a strong credit history is crucial. Pay your bills on time, reduce existing debt and avoid opening new lines of credit! Regularly check your credit reports for errors or discrepancies and address them promptly. A higher credit score can increase your chances of securing a favorable mortgage.
✔ Save for a down payment
Investigate down payment assistance programs specifically designed to help minority borrowers. These programs can provide grants, low-interest loans or other forms of financial assistance to help cover the down payment and closing costs. Research local, state and federal programs, as well as nonprofit organizations, that support minority homeownership.
✔ Research and compare mortgage options
Explore various mortgage options available to you. Government-backed loans such as Federal Housing Administration (FHA) or VA loans may have more flexible requirements. Additionally, research local and national lenders that offer special programs or incentives for minority borrowers.
✔ Seek professional guidance
Consult with a trusted mortgage professional and real estate agent who understands the unique challenges faced by minority borrowers and has experience working with diverse communities. They can provide personalized guidance, and help you navigate the home-buying process. They may also assist in assessing your financial situation and determining a suitable mortgage game plan to help you get to the homeownership finish line!
Dalila Ramos, founder of Love and Tacos Media
