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Categories: Articles, Columnists, Rev. Dr. Charles Butler,
I hope by now you have made your 2025 New Year’s resolution and this year, your resolution is an action statement. 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 towards homeownership. You still must have a realistic plan and a realistic goal. Do not spend time dwelling on last year’s mistakes and unsuccessful homeownership attempts. Instead, you must now look to a bright future. A new year brings about new possibilities. A new attitude and a new outlook! Yes, this can and will be your year to. succeed. Lenders have three primary requirements for considering your mortgage application – (1) a minimum of two complete years of consistent employment. If you are also working a part-time job, the lender will require a minimum of two years to include that income in calculating your pre-approval amount. (2) At least 24 months of 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 you cannot rely on any of the 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 32 new home buyers who are using this program to assist them in completing the process. The Lending Circles program is both a savings program 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 The program works like a ‘susu,’ except the money is automatically withdrawn from your checking account each month, and when it is your turn to receive the money, it will be automatically deposited into your account.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, and $200. There can be no less than a minimum of six 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 – enter my 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 two-month’s worth of pay stubs or three-months of 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.
