Categories: Rev. Dr. Charles Butler,
There are not many activities I have discovered that are more challenging, demanding, and at times frustrating than the home buying process. It will take a great deal of discipline, determination, desire, and dedication if you truly want to successfully become a first-time homeowner.
Let me make this perfectly clear; home buying is not for the faint hearted or the weak. You cannot be scared or intimidated by the home values. You must tough minded, you must be bold and courageous. You must have perseverance and faith to see the process through from thinking of buying a home till closing on your property.
For most first-time buyers the process will not happen overnight. You must plan every step along the way. Remember if you fail to plan, you plan to fail. You must have a workable plan based on your housing needs and financial capacities. You must have the confidence that you can achieve your goal of homeownership.
Set a realistic target date of when you will be ready to buy your home. Work towards achieving that goal through increasing your monthly savings and reducing your credit debt. These are the two major obstacles facing prospective first-time home buyers today. Develop and pay close attention to your monthly household budget. Your budget will inform you of three important factors to be considered when shopping for a home 1) how much you can save; 2) how much you can afford to spend on a monthly mortgage payment; and 3) how soon you will be ready to buy.
So, my advice to you is do not get discouraged. Do not allow nothing or anything to stop you from achieving your dream of becoming a first-time homeownership. There are many obstacles that you must overcome including the rising home values for properties in Harlem. Although the New York State Department of Banking has been closing monitoring lending policies, there are still many financial institutions resorting to using illegal lending policies to disqualify minority buyers when they do meet the criteria for being approved for a mortgage.
You must understand that New York City has remained a seller’s market; meaning there is a lack of affordable properties on the market. The demand for housing is greater than the supply, which is one of the primary factors that continues to keep the home market value soaring beyond the average buyer’s price range.
But amid these challenges Harlem Congregations for Community Improvement, Inc. (HCCI), continues to offer a beacon of hope for first-time buyers by providing a comprehensive monthly virtual home buyer education seminar series. This program is designed to remove the ambiguity and fear from home buying and empower you with the knowledge required to succeed. Homeownership is within your reach!
If you are interested in attending the workshop or have questions regarding the home buying process, contact Rev. Dr. Charles Butler at (212) 281 4887 ext. 231 or email at cbutler@hcci.org.
