According to a recent article in Black Enterprise, LEGACY Home Loans, the largest Black-led mortgage banking firm in the nation, headquartered in Las Vegas, Nev. announced today that it has developed a “Special Purpose Credit Program” (SPCP) for Black people who want to become homeowners.
That’s right this loan program was developed by Black Mortgage Professionals for Black borrowers. No one knows our people like we do, Ben Slayton, the president, and CEO of LEGACY Home Loans said.
LEGACY’s SPCP loan program will be piloted in six (6) U.S. Metropolitan cities: Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia, according to a press release. The borrowers must presently reside in a census tract of the six cities that have a 51% or more Black population. However, there are no restrictions whatsoever, as to where the Black homebuyer can purchase their new home.
The reason that LEGACY named its new SPCP loan program: CLOSING the GAP, is because there is a 30% homeownership gap between Blacks and whites, meaning only four (4) out of every ten (10) Black families own the home that they live in. This is in contrast to seven (7) out of every ten (10) white families owning the home that they live in. Hence, the 30% homeownership gap. LEGACY’s CLOSING the GAP home loan program intends to help close this 30% homeownership gap.
The CLOSING the GAP loan program is only a 1% down payment, with free appraisal, a free home warranty program, free pre-purchase homebuying counseling, free post-closing homebuying counseling, and financial assistance with closing costs. The CLOSING the GAP loan program uses credit guidelines based on factors such as timely rent, utility bill, phone, and auto insurance payments. The underwriting guidelines are based on the borrower’s income with a minimum credit score of 620.
“THERE MAY BE OTHERS COMING OUT WITH SIMILAR SPCP LOAN PROGRAMS, BUT DON’T BE FOOLED, LEGACY HOME LOANS IS WHERE YOU ARE CELEBRATED NOT JUST TOLERATED,” SAID SLAYTON.
LEGACY’s goal is to fund $1 billion to Black homebuyers by the end of 2023 and to fund $1 billion and more to Black homebuyers every year thereafter. Slayton has been a leader in the African American community since he became the first African American REALTOR® in America, the first Century 21 franchisee broker-owner, in America, and the first Freddie Mac multifamily program plus seller/servicer in America. Slayton has started, built, and sold several successful businesses in the real estate and mortgage industry. He is presently the president and CEO of LEGACY Home Loans. For more information about LEGACY Home Loans, and CLOSING the GAP loan program, visit the company’s website at: https://www.MyHomeLegacy.Com or call (844) 466-3669.