HOMES ‘new national QCD ™ program will enable many long-standing minority tenants to gain immediate homeownership

PHILADELPHIA CREAM, March 3, 2021 / PRNewswire / – HomeOwner Makers Educational Services (HOMES) announces that its new national program allowing buyers to buy their homes without a traditional third-party mortgage will have a significant impact on increasing the homeownership rate of national minorities.

The problem:
In 2014, in response to the nation’s housing collapse, federal regulators created “qualified” mortgages, hoping to protect consumers from homeownership issues. This solution, often requiring 20% ​​down payments and strict qualifying guidelines, made it nearly impossible to secure a mortgage to buy a home for most tenants, and especially minorities. The National Association of Realtors just released a report, with homeownership rates in 2019 at around 69% for whites and 42% for blacks. A summary and the full report are available on our free website at, under the “Articles of Interest” tab.

The answer:
By creating and defining the elements of a new “Qualified as “Contract for Act (QCD) ™, renters won’t need an initial purchase mortgage to buy their first home. This method will be offered by some landlords on existing rental units, with recommended down payments of 1% and no closing costs, a market interest rate on the QCD ™ balance and a 30-year financing term for the buyer. . Buyers can also refinance with a conventional mortgage in the future.

The free educational website at contains information for buyers, sellers, owners, realtors and other users of the program, as well as information on legal and affiliate resources.

We are also aware of and support new government proposals to help with down payment assistance, but these programs are not required to use a QCD ™.

The goal:
Our goal is to create millions of new homeowners in the United States by shifting rental housing toward “owner-occupant” status, particularly in large northeastern cities, where overall homeownership rates are low. are less than 50% and racially unequal in proportions even greater than the national rate. medium.

We also anticipate that some apartment buildings will also use this QCD ™ buyer financing to convert to condominium.

The many benefits of creating homeownership in currently predominantly rental neighborhoods will have major social benefits for everyone.

Additional benefits:
This program will allow any tenant (who is also a majority minority) who is in “Rent-To-Own” or “Lease Purchase” mode to quickly switch to ownership with a QCD ™. They will get immediate property rights upon signing, tax benefits, and a clear path to future mortgage refinancing, if applicable.

Finally, for tenants affected by the pandemic who have fallen behind on their rent but are now back to work, this process may offer the landlord a way to factor in the rent arrears when negotiating the value. of the house with the tenant / buyer.

If you are a long term renter, let your landlord know about the program and our website!

For more information, contact:
HOMES Media Department
Phone: 1-855-HOMES02 (1-855-466-3702)
E-mail: [email protected]

SOURCE HomeOwnerMachines Educational services

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