Alterra Mortgage is a national lender, the second largest minority-owned mortgage company in the U.S., launched a new division named Legacy whose focus is on increasing the homeownership rate of African-Americans in the nationwide. The Legacy Division’s key focus is to close the disparity gap of the African-American homeownership from a low rate of 41 percent (the lowest of all the minority groups) closer to the national average of 68 percent.
According to the Mortgage Bankers Association of America (MBA) report, in the next few years African-Americans between the ages of 30 and 59 will grow an approximate 1 million new households. Alterra’s Legacy Division will be at the forefront of that growth, strategically targeting to serve these families.
For many African Americans the idea of owning a home can feel less like an achievable goal and more like a far-off dream. Many may be surprised at how attainable homeownership can be and how much more beneficial it is than renting.
Mortgage Credit Standards are relaxing, and as of January 2018 the average FICO score for borrowers obtaining an FHA loan was 645, which is the lowest it’s been in years. However, Alterra Legacy offers loan programs with FICO scores as low as 580. We want to help the underserved to become homeowners. We will educate all on what is needed to know about qualifying for a home loan and we will work hard with tooth and nail to get all approved and into homeownership no matter how long it might take; so that more people can start building sustainable wealth through homeownership. While one’s income may vary, it’s still very possible a home your own.
Come to our FREE, First-time Homebuyers Seminar, Saturday May 5, 2018 from 9:00 AM to 3:00 PM at the Double Tree Hotel located at 8250 North Central Expressway, Dallas, TX 75206. While you are there not only will you learn how you can become a homeowner, you can enjoy a FREE Cinco De Mayo Lunch, and you will be entered-into a drawing to win a 50” Flat Screen TV, and you could be one of three attendees to win a $100 VISA Gift Card.
If you are serious about learning how to become a Homeowner, go to www.GoAlterraLegacy.Com and register NOW! Seating is limited to the first 150 who register. Here are some important things you should know about homeownership:
OWNING BUILDS EQUITY
Personal finance outlet The Balance puts it the simplest: “Equity is the amount of your home that you actually own.” For renters, that amount stays put at 0 percent. For owners, however, that amount should steadily rise as more of the loan is paid off. Paying off your loan is obviously a great way to build equity (and stay in the house). Improving the value of the property — updating appliances to energy-saving models or renovating the kitchen, for example —- is another way.
The more equity you generate from your house, the more you have to spend for other purposes through loans or selling the property. If you’re renting, you’re giving that equity away to the landlord.”
HOMEOWNERSHIP IS FREEDOM
As great as the financial benefits are, it’s worth pointing out one major thing. Homeownership has long been considered the cornerstone of the American dream, and for good reason. Owning a home represents freedom—to live where you want and do what you want when you’re home. If you have ever tried to get permission to repaint a rented property, you probably understand the value of that; more places won’t let you put a thumbtack in the wall, let alone paint it. Except for a few cases, homeownership means setting rules for your own space. That’s what our country was founded on.It goes without saying that homeownership if not the solution for everybody. If you’re considering purchasing for the nest time you move, speak with a housing counselor and review your finances. You may be one of the many Americans who stands to benefit and can start building sustainable wealth through homeownership.
HOMEOWNERSHIP COMES WITH TAX BENEFITS
Along with jobs, homeownership is considered one of the most sacred promises for Americans among lawmakers, and they’re willing to give out a few bonuses to encourage more buyers.
Unlike renters, homeowners can deduct mortgage interest and property tax payments from their federal income tax, along with a few other items. The Tax Policy Center estimates that in 2015, 20 percent of all tax units would benefit from the mortgage interest deduction, saving homeowners nearly $80 billion. The proper tax deduction is estimated to have saved homeowners $35 billion in 2016. Another benefit? A person who sells their home may exclude up to $250,000 of those profits on their income for the year.
Homeownership can be in your future, come and join us Saturday May 5, 2018 9:00 AM to 3:00 PM.
