Navigating the Path to Homeownership: How HomeFree-USA is Making Dreams a Reality

Homeownership Opportunities for Renters in High-Priced Markets

Purchasing a home is a dream for many U.S. households, but in pricey markets like the DMV area, the prospect of becoming a homeowner can seem out of reach. Rising home prices, increasing interest rates, and disparities in the real estate market can be discouraging setbacks. However, HomeFree-USA, in collaboration with lending partners like Wells Fargo, is helping renters turn these obstacles into homeownership opportunities.

Milan Griffin, Chief Operating Officer of HomeFree-USA, emphasizes the importance of seeking guidance from a HUD-certified Homeownership Advisor before contacting a realtor or loan officer. This step can help renters access money-saving mortgage programs and increase their chances of loan approval. Homeownership Advisors assist homebuyers in overcoming the four biggest obstacles to homeownership – credit, debt, savings, and downpayment.

Studies show that Black mortgage applicants are denied a mortgage 84% more often than white applicants, with credit being a significant barrier to approval. HomeFree-USA helps buyers address these issues before meeting with a lender, ensuring they are truly ready for mortgage approval. By starting with homeownership guidance, buyers can research and qualify for affordable loan and downpayment programs, leading to significant savings.

Founded 30 years ago by Marcia and Jim Griffin, HomeFree-USA is a nonprofit organization approved and certified by HUD. The organization offers a range of services, including homeownership guidance, foreclosure prevention counseling, property development, and financial education for HBCU students through the Center for Financial Advancement.

Wells Fargo’s Homebuyer Access Grant, totaling $10,000, is a recent initiative to help homebuyers. Eligible recipients do not need to repay the grant, and it can be combined with other programs. Housing counseling is required to qualify for most grants, including the Homebuyer Access Grant.

Despite the expensive housing market, Griffin encourages those in high-priced markets to explore homeownership opportunities. Homeownership Advisors can help strategize ways to reduce debt, suggest downpayment programs, and even assist those with Housing Choice Vouchers in purchasing a home. For more information on HomeFree-USA’s homebuying program, visit their website or call 855-493-4002.