More than 150 guests filled Bowie State University’s Beacon Room for an expert-filled event and panel that featured actor, filmmaker and entrepreneur Malik Yoba alongside leaders from HomeFree-USA and Wells Fargo.
“It’s hard to buy for anyone right now; inflation is high and interest is high,” said Yoba, founder and CEO of Yoba Development. “You can always look somewhere else to invest, that can accommodate your budget.”
He noted an $800,000 profit on his first home sale, allowing him to further his investments. He has gone from investing mainly in homes to now development projects. He also noted that gentrification is a byproduct of undervalued land.
“There’s ways of learning the ways to best invest in our communities. Redlining now exists at the realtor level; it has not gone away,” Yoba said.
Milan Griffin of HomeFree-USA emphasized homeownership as a great first step to take action in one’s community.
“Even if you want to be a business owner, your home equity is vital to take it to the next step and to reverse redlining,” said Griffin.
Donna Greene, who serves as a Wells Fargo vice president and Senior Business Development consultant, said her clients are most concerned about housing down payment costs and affordability.
“There’s a lot of resources available that people don’t know about, particularly for first time homebuyers that we want to make sure you know about,” Greene said.
She referenced the Wells Fargo Homebuyers’ Access Grant, which provides $10,000 towards down payments on a home and can be combined with other programs, and another resource that provides up to $5,000 in closing costs such as appraisal and processing fees.
Homefree USA’s Director of Homeownership Alfreda Williams recommended extreme financial caution for soon-to-be homebuyers, including noting the amounts of money sent via apps such as Zelle and Cashapp. The risks of going through the homebuying process without expert guidance can include costly mistakes and missed opportunities for assistance.
Links to the programs referred to during the forum are available here, here and here.