Wells Fargo Expert Lends Advice for Aspiring Homebuyers
Ewunike Brady, Wells Fargo’s Wells Fargo’s vice president of Home Lending and African American Segment Strategy leader, offered advice and to dispel some myths regarding the home lending process for prospective buyers.
“It is a common misconception that you need to make a down payment of 20%. In reality, you may have options. Some financing programs allow qualified homebuyers to put down as little as 3%. You may be allowed to use monetary gifts from family or friends for all or part of the down payment,” said Brady.
She emphasized the major key to getting a loan.
“The key to loans is not necessarily high income, but also in demonstrating your ability to repay the loan. Lenders look at a variety of factors, including your income, assets, debt-to-income ratio, credit history, credit scores, and the amount of the loan compared to the value of the property.”
One program of note that Brady recommends for prospective buyers is the Wells Fargo Homebuyer Access grants, which provides $10,000 to be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities in eight metropolitan areas around the country.
“This offering under the [special purpose credit program] adds another key component to Wells Fargo’s efforts to help drive economic growth, sustainable homeownership, and neighborhood stability in minority communities,” she said.
We have previously covered Wells Fargo; read more here.
Local Returning Citizens Celebrate Successes
Amid persistent crime in Prince George’s, many county residents and political and civic leaders are looking for solutions. Qiana Johnson and a group of returning citizens are stepping up to support leaders’ quest to reduce crime and engage with the community.
Johnson and others working with Life After Release were recently honored by Councilmembers Wala Blegay (D- District 6) and Krystal Oriadha (D- District 7) and given proclamations for their work in the community.
The abolitionist organization has three approaches to support incarcerated women and returning citizens: legal/policy, reimaging communities, and the national FreeHer campaign, which advocates against building new women’s prisons and closing existing women’s prisons. No stranger to Annapolis or the Prince George’s County Council chamber, Life After Release has also advocated to open a women’s pre-release center in Maryland and stood against proposals in Annapolis that would likely increase incarceration rates.
Their members are planning a march on April 24 in D.C., starting at Freedom Plaza in Northwest, to raise awareness of the impacts of incarceration on women and particularly calling on state and federal officials to use their clemency powers to release incarcerated mothers before Mother’s Day.
“It’s time for a change. Time to decarcerate and begin investing in healing for women. There’s a proliferation of building women’s prisons in the U.S. at an average cost per prison of $100 million. We need to bring women back to their children, back to their communities and invest money into those places most directly affected by incarceration,” said Rita Gray of Life After Release.
To commemorate April as National Second Chances Month, Luminis Health held a symposium where some of their employees spoke to other business owners about the benefits of hiring returning citizens. More than 20 employees at Luminis are returning citizens, and five more are starting soon. Part of their success: providing a livable wage with benefits and offering training prior to their release.
The county is offering grants and other incentives to encourage more businesses to continue these hiring practices.
“We want our businesses to help us in the work and also give a chance, to give a second chance to one of our residents,” said Prince George’s County Executive Angela Alsobrooks (D). “Ultimately if they are successful, then so is our county and so is our state.”
We have previously covered Life After Release; read more here and here.