June is national homeownership month

There is no place like home.

This announcement was made by HUD yesterday is their gift to some homeowners and renters:

“The Federal Housing Administration (FHA) announced a two-month extension of its foreclosure and eviction moratorium through August 31, 2020, for homeowners with FHA-insured Single Family mortgages. This extension provides additional security and peace of mind to homeowners that they will not lose their homes while they are trying to recover financially.

The pandemic and recession are sure to affect homeownership rates in a negative way just like the last recession did.

The homeownership rate in St. Paul, MN is 49.3%, which is lower than the national average of 63.9%.

We have very little affordable housing in the metro area. Affordable new construction is not being built. Housing has not kept up with population growth.

The path to homeownership starts with a good education. Even though St. Paul has but one school district the schools are not funded equally.

After that great education, comes a job with decent pay.

We have a history of housing discrimination which has caused a homeownership gap.

It is wonderful to understand the history but it would be even better if we could do something now so that more people could own homes and so that we could one day get all the way up to the 63.9% US homeownership average by increasing homeownership among people of color. It isn’t going to be easy because there is also the pay gap and the wage gap that has to be overcome.

Homeownership gap

For now all I got it a link to some resources for down payment assistance. I have had the link on this site for years and I have had clients use it and get downpayment assistance and that assistance helped them become homeowners.

Those former clients are still homeowners. Some of them have college degrees and others do not. Most of them were single when they purchased the home and most were women.

If you own a home and are concerned about making mortgage payments, visit the Minnesota Homeownership Center. 

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