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STACY BROWN NNPA Newswire

home. Examples of such programs include where buyers can have a higher loan-to-value ratio than usual or a lower down payment.

NAREB noted that Rocket Mortgage recently announced that it expanded its special-purpose credit program to offer a $3,000 credit for first-time homebuyers to use toward their down payment in select cities.

Previously, Rocket Mortgage announced its Purchase Plus program, which offered first-time buyers up to $7,500 in credits to use toward their mortgage costs.

Additionally, the company said it would offer Freddie Mac’s BorrowSmart Access program for buyers purchasing homes in Atlanta, Chicago, Detroit, El Paso, Houston, McAllen, Memphis, Miami, Philadelphia, and St. Louis.

Pope called the programs “vital,” mainly because a divided Congress is unlikely to pass significant legislation addressing the homeownership gap in America.

“This is an opportunity to use public policy for good, to expand opportunities for Black families to enjoy the American Dream of homeownership,” she said.

“Homeownership is the major driver of wealth for Black families. By increasing homeownership, it will strengthen communities and expand family economic security.”

Ironically, Pope noted that before World War II, the government rolled out a series of initiatives for white families to purchase homes and build wealth.

She said that action led to a housing boom, creating modern suburbs surrounding major cities nationwide.

Pope also said that the wealth made from home equity has been passed down from generation to generation, making it possible for white families to improve their quality of life and keep living in their homes.

However, African Americans aren’t allowed to participate in those programs, and the private sector and