Vice President Kamala Harris Praises HomeFree-USA’s Work with Homebuyers
VP cites programs that prepare renters for homeownership and help close the racial wealth gap
Landover, MD — Vice President Kamala Harris and other political and community leaders lauded HomeFree-USA for its work to advance homeownership and close the racial wealth gap.
Vice President Harris announced at an event at Bowie State University that starting March 20, the Department of Housing and Urban Development (HUD) would reduce its annual mortgage insurance premium by 0.30 percentage points, from 0.85% to 0.55% for most new borrowers. The Biden-Harris administration estimates that the change will save homeowners with new FHA-insured mortgages an average of $800 per year. “That’s $800 more dollars in your pocket for household expenses,” Harris said.
Harris pointed out the importance of nonprofit organizations who work to help prepare families to buy their first homes so they can take advantage of the new lower costs of homeownership.
“I want to thank all the folks who are part of the HomeFree-USA program because you’re doing the work on the ground every day,” said Harris.
Harris was referencing HomeFree-USA’s signature programs to get renters ready for mortgage approval and homeownership. Through classes, one-on-one guidance and an easy-to-follow plan, renters are able to own a home easier, faster and with fewer hassles. Though 1 in 10 homebuyers are denied a mortgage, 96% of HomeFree-USA members are approved for a mortgage the first time they apply.
HomeFree-USA’s Center for Financial Advancement® (CFA) was also acknowledged for its work to financially prepare students at Historically Black Colleges and Universities (HBCUs). Bowie State President Dr. Aminta H. Breaux thanked HomeFree-USA “for helping us ensure the lifelong success of our students by educating them about growing wealth through homeownership.”
Through CFA, more than 10,000 students and faculty at HBCUs have been introduced to money management and success skills through a Day of Empowerment, and Learn to Earn and Mortgage Basics sessions.
“Homeownership is an essential part of the American Dream,” Harris said. “A home represents financial security — the opportunity to build wealth and equity.”
HomeFree-USA is a nationwide organization committed to bridging America’s racial wealth gap and strengthening the economic mobility of historically marginalized communities through homeownership. Our transformational and culturally-anchored approach creates unique collaborative opportunities with the mortgage/finance industries, government programs, HBCUs, and consumers to create new homebuyers, sustainable homeowners, affordable housing, and the revitalization of thriving communities. As a HUD-intermediary, HomeFree-USA serves the diverse interests of 6.3 million consumers through its network of over 50 affiliated community-based nonprofits.