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By Danielle West
“You need the attitude from renter to owner,” said Manager Diane Ragsdale of The Inner-City Community Development Corporation as she opened the Housing Fair on Saturday April 12th for interested future home owners in the South Dallas community. Many gathered at the Martin Luther King Jr. Senior Center eager to find out about purchasing a home.
ICDC is a non-profit pre-approved HUD Agency that provides credit counseling and homebuyer education. For over a decade ICDC has been concerned with the South Dallas, Fair Park housing area issues. Now they are ready to put their new plan into action.
The homes will be built in a small sub-division on Pennsylvania near Meadow in the Phyllis Wheatley Community and on Birmingham as well. The three bedroom two bath homes will be built with 3-4 different floor plans to choose from. They will contain a washer and dryer, stove, fridge, dishwasher, ceiling fans, mini blinds, one car attached garages, and other amenities. There are lots available where the homes will be built. The groundbreaking process will not take place until the time of pre-approval and closing, then the home will be built within 60-90 days after approval.
Housing Manager, Katrina Attaway distributed packages which contained an application to start the process and literature on benefits to owning a home.
“Completing the application is the first step,” said Attaway. “Credit qualifications are not an issue, if your credit is below the qualifying score; we will direct you to the agencies that can get your score to where it needs to be.”
ICDC works closely with the City of Dallas to help provide funds to those who are interested in home ownership. Thirty-thousand dollar down payment assistance is given which can also be applied to closing costs and $1,500 in earnest money which can be applied to closing and appraisal fees. The City of Dallas offers a 5.99% fixed interest rate bond program throughout a 30-year-term of the loan. This program is only offered to first time homebuyers. In addition to assistance from the City of Dallas, ICDC has also partnered with City Mortgage, Colonial National Mortgage, Wells Fargo, WR Starkey, Bankers Financial, CTX Mortgage and Countrywide Home Loans. Each homebuyer is subject to choose the lender that best suits their needs.
“Countrywide provides a $30,000 grant in addition to the bond offered by the city,” said Patricia Nelson, a Countrywide representative. “The rates are fixed, and are subject to change only due to taxes and insurance which we have no control over.”
ICDC monitors the process of their future homebuyers providing assistance in each area, assuring comfort and assurance every step of the way. Ms. Ragsdale stressed to the predominately African American audience that we as a race have the mentality of a renter but with this program that mentality will be transformed to one of an owner.
“Home buying is a process, and the length of the process depends on the individual”, said Ragsdale. “With the new mentality you can invest funds in a product that will be yours in years to come”.
Interested future home owner Mildred Sirls thought the fair was beneficial to those who were serious with buying their first home. She completed her application the day of the fair and was excited about getting the ball rolling.
For those unable to attend, other family members were there to collect information.
“I am interested in additional housing and funding for my daughter, and I brought my mother and brother along to obtain information as well”, said. Catherine Johnson.
And for those who are worried if the program is not worth applying for, Ms. Ragsdale assures everyone that it is beneficial for the growth of the community.
“As a homebuyer there will be a minimum amount of problems because the community is active and organized, and strong organized groups care for each other, and through ICDC you will receive just that,” said Ms. Ragsdale.
QUALIFICATIONS :( Remember CREDIT is not an issue!)
Check stubs within the last 30 days(employment is a must)
$2,200 minimum income limit
I.D.
Social Security Card
For more information regarding this program contact Housing Manger Katrina Attaway in person at 4907 Spring Ave. Dallas, TX 75210 or by phone at 214.915.9903.
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