Times Weekly, News Service
Legacy Home Loans is the largest Black Led mortgage banking firm in the nation, headquartered in Las Vegas, Nevada has developed a “Special Purpose Credit Program” (SPCP) for Black people who want to become homeowners. That’s right this loan program was developed by Black Mortgage Professionals for Black Borrowers. No one knows our people, like we do, said Ben Slayton, the president, and CEO of LEGACY Home.
Legacy’s SPCP loan program will be piloted in six (6) U.S. Metropolitan cities, Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia. The borrowers must presently reside in a census tract of the 6 cities that has 51% or more Black population. However, there are NO -Restrictions whatsoever, as to where the Black homebuyer can purchase their new home.
The reason LEGACY named its new SPCP loan program “Closing the Gap” is because there is a 30% homeownership gap between Blacks and Whites communities, only four (4) out of every ten (10) Black families own the home they live in. This is in contrasts with seven (7) out of every ten (10) white families that own the home they live in. This deficit has created a 30% homeownership gap. LEGACY’s Closing the GAP home loan program intends to help close the gap.
The loan program is just a 1% down payment, with Free Appraisal, Free Home Warranty program, Free Pre- Purchase Homebuying Counselling, Free Post-Closing Homebuying Counselling, Financial Assistance with closing cost. CLOSING the GAP loan program uses credit guidelines based on factors such as timely rent, utility bill, phone, and auto insurance payments.
The underwriting guidelines are based on the borrower’s income with a minimum credit score of 620. “There may be others coming out with similar SPCP loan programs, but don’t be fooled, LEGACY Home Loans is where you are celebrated not just tolerated”, said Slayton.
According to Slayton, LEGACY’s goal is to fund (1-Billion Dollars) to Black homebuyers by the end of 2023 and to fund 1-Billion Dollars and more to Black homebuyers every year thereafter. Slayton has been a leader in the African American community since he became the First African American REALTOR® in America, the first Century 21 franchisee Broker Owner, in America. The First Freddie Mac Multifamily Program Plus Seller/Servicer in America. Slayton has started, built, and sold several successful businesses in the real estate and mortgage industry. He is currently the President and CEO of LEGACY Home Loans.
For more information about LEGACY Home Loans, and CLOSING the GAP loan program, visit the company’s website at: https://www.MyHomeLegacy.Com, or call (844) 466-3669.
