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Categories: Rev. Dr. Charles Butler,
Rev. Dr. Charles Butler
I hope you have made your New Year’s resolution; this year, your resolution is a statement of action. Think and believe this is the year you will achieve your dream of becoming a homeowner. Do not underestimate the power of positivity and prayer! Belief is a key ingredient to overcoming obstacles and accomplishing your goals. You must have faith and believe that with God, all things are possible.
Trust God to guide your steps. Put God in your plan of action. Seek God to direct your path toward homeownership. You still must have a realistic plan and a realistic goal. There shall be no more focusing on the mistakes and failures of the past. You must now look to a bright future. A new year brings about new possibilities, new attitude, and a new outlook! Yes, this can and will be your year to succeed.
Lenders want to see three primary mortgage application requirements – (1) a minimum of 2 complete years of consistent employment. If you are also working a part-time job, the lender will need to see 2 years of employment to include that income into your pre-approval amount. (2) at least 24-months clean credit history with at least 3-4 active accounts, and (3) your money for the down payment and closing costs. It is apparent now that you cannot rely on any grant programs because they may not be available when you are ready to use them.
Harlem Congregations for Community Improvement, Inc. (HCCI) has a credit building and savings program that can assist you in achieving your goal of homeownership. We now have 25 first-time new home buyers who used this program to assist them in completing the process. The Lending Circles program is both a savings and a credit-building program.
The program works like a ‘susu,’ except the money is automatically withdrawn from your checking account each month, and when it is your turn to receive the money, it will be automatically deposited into your account. The activity is reported to all three credit reporting bureaus as an installment loan, which helps to increase your credit score and provides you with an active line of credit. There are three savings amounts – $50, $100, & $200.
There can be no less than a minimum of 6 members and no more than 12 members in a circle. The length of time will depend on the number of members in the circle. To apply go to the website – www.lendingcircles.org – and enter zip code 10039. Complete the online application and upload a valid picture ID, voided personal check or bank document to verify your routing and account numbers, and 2 months of pay stubs or 3-month bank statements to verify income. We start a new circle every month.
For more information on the home buying process, contact Rev. Dr. Charles Butler at (212) 281-4887 ext. 231 or email cbutler@hcci.org.
