H.O.M.E.S. New National QCD™ Program Will Make Immediate Homeownership Achievable for Many Long-Term Minority Renters
PHILADELPHIA, March 3, 2021 /PRNewswire/ -- HomeOwner Makers Educational Services (H.O.M.E.S.) announces that its new national program for home buyers to purchase their homes without a traditional third-party mortgage will have a significant impact on increasing the national minority homeownership rate.
The Problem:
In 2014, in response to the national housing collapse, Federal Regulators created "Qualified" Mortgages, hoping to protect consumers against homeownership problems. This solution, often requiring 20% down payments and stringent qualification guidelines, has made it nearly impossible to qualify for a mortgage to buy a home for most renters, and especially for minorities. The National Association of Realtors has just issued a report, with 2019 homeownership rates at about 69% for whites, and 42% for blacks. A summary, and the full report, is available on our Free website at www.HomeOwnerMakers.com, under the "Articles of Interest" tab.
The Answer:
By creating and defining the elements of a new "Qualified" Contract for Deed (QCD)™, renters won't need an initial purchase mortgage to buy their first home. This method will be offered by certain landlords on existing rental homes, with recommended 1% down payments and no closing costs, a market interest rate on the QCD™ balance, and a 30-year financing term for the buyer. Buyers can also refinance with a conventional mortgage in the future.
The Free educational website at www.HomeOwnerMakers.com has information for buyers, landlord sellers, realtors, and other program users, and information on legal and affiliate resources.
We are also aware and support new government proposals to help with down payment assistance, but those programs are not necessary to use a QCD™.
The Goal:
Our goal is to create millions of new homeowners in the U.S. by moving rental homes to "Owner-Occupant" status, especially in the large Northeastern cities, where overall homeownership rates are below 50%, and racially unequal in even larger ratios than the national averages.
We also expect that some apartment buildings will also use this QCD™ buyer financing to convert to condominium unit ownership.
The many benefits of creating homeownership in currently mostly rental neighborhoods will have major social benefits for everyone.
Additional Benefits:
This program will allow any renter (who are also mainly minority) who is in a "Rent-To-Own" or "Lease Purchase" arrangement to quickly upgrade to homeownership with a QCD™. They will get immediate ownership rights at signing, tax advantages, and a clear path to a future mortgage refinance when appropriate.
Finally, for those renters affected by the pandemic who fell behind in their rent but are now back to work, this process may offer a way for the landlord to consider the back rent in negotiating the value of the home with the tenant/buyer.
If you are a long-term renter, tell your Landlord about the program and our website!
For further information, contact:
H.O.M.E.S. Media Department
Phone: 1-855-HOMES02 (1-855-466-3702)
Email: [email protected]
Website: www.HomeOwnerMakers.com
SOURCE HomeOwnerMakers Educational Services
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