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Buying a Home May Not Be as Out of Reach as You Think, Even in This Market

Here’s How You Can Achieve Homeownership Buying a home is one of the most important purchases you will make in your lifetime. Pressure is mounting for those looking to buy right now, with home prices fluctuating and mortgage rates at their highest levels in over a decade. While existing home sales have fallen month-over-month since […]
The post Buying a Home May Not Be as Out of Reach as You Think, Even in This Market first appeared on BlackPressUSA.

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Here’s How You Can Achieve Homeownership

Buying a home is one of the most important purchases you will make in your lifetime. Pressure is mounting for those looking to buy right now, with home prices fluctuating and mortgage rates at their highest levels in over a decade.

While existing home sales have fallen month-over-month since the beginning of the year, prices hit a record high above $400,000 in May, according to the National Association of Realtors, as low levels of housing inventory and supply chain constraints have created an affordability squeeze for homebuyers. Mortgage rates have nearly doubled in the last six months — from 3% in 2021 to close to 6% in 2022 — making it increasingly challenging for many Americans to purchase a home, especially for those with limited income.

So, how do you know when you’re ready to buy a home? More importantly, how much home can you afford? We sat down with Denise Richardson, community home lending advisor at Chase, to answer those questions and discuss what the current state of the market means for you and your family’s home buying dreams.

Q: What are the main factors mortgage lenders look at when evaluating an application?

Richardson:

When it comes to homeownership, your credit score and debt-to-income ratio are major factors in the application process.

Your credit score is set based upon how you’ve used — or not used — credit in the past. Using credit responsibly, such as paying bills on time and having a low utilization rate will result in a higher score. Higher credit scores can help you qualify for the lowest interest rates. A score at 700 or above is generally considered good.

Additionally, lenders look at your debt-to-income ratio. This is a simple equation of how much debt you have relative to how much money you make. Borrowers with a higher debt-to-income ratio are considered more risky while a lower debt-to-income ratio may allow you to qualify for the best rates on your home loan.

Q: What are some tips for improving your credit score?

Richardson: There are a number of things you can do to improve your credit score, starting with reviewing your credit reports to understand what might be working against you. You can also pay down your revolving credit and dispute any inaccuracies.

Additionally, there are services like Chase Credit Journey to help monitor and improve your credit score. Credit Journey monitors all your accounts and alerts you to changes in your credit report that may impact your score. You’ll get an alert any time Chase sees new activity, including charges, account openings and credit inquiries. Chase will also notify you if there are changes in your credit usage, credit limits or balances. You don’t have to be a Chase customer to take advantage of Credit Journey.

Q: What are some factors that can affect the cost of a mortgage?

Richardson: There are several factors to consider when reviewing mortgage options including loan term, interest rate and loan type. Potential homebuyers should contact a home lending professional to understand and review the options available to them.

For example, there are two basic types of mortgage interest rates: fixed and adjustable. While adjustable rates are initially low, they can change over the course of a loan, so your mortgage payments may fluctuate. Loan term indicates how long you have to pay off the loan. Many homebuyers tend to opt for a 15-year or 30-year mortgage, though other terms are available. A longer loan term generally means you’ll have lower monthly payments, but you’ll pay more in interest over the life of the loan. A shorter loan term may come with higher monthly payments, but you’ll likely pay much less in interest over time.

Q: What are the costs of homeownership beyond the monthly mortgage payment?

Richardson: People often think of the down payment and monthly mortgage — but buying and owning a home carries additional costs. Closing costs, for example, can amount to up to 3% or more of the final purchase price. Other factors that could add on to your monthly payments are property taxes, homeowner’s insurance and homeowner’s association (HOA) fees. To get an idea of what this may look like for you, use an affordability calculator.

While there is no way for a buyer to completely avoid paying these fees, there are ways to save on them. Some banks offer financial assistance for homebuyers. As an example, Chase’s Homebuyer Grant offers up to $5,000 that can be used toward a down payment or closing costs in eligible neighborhoods across the country. There may also be homeowners’ or down payment assistance offered in your city or state. Contact a home lending advisor to learn about resources you may be eligible for.

For a deeper dive into this topic, our Beginner to Buyer podcast — episode three, “How Much Can I Afford?” is a great resource for prospective homebuyers to get answers to all their homebuying questions.

Learn more about the homebuying process, here.

Sponsored content from JPMorgan Chase & Co.

The post Buying a Home May Not Be as Out of Reach as You Think, Even in This Market first appeared on Post News Group. This article originally appeared in Post News Group.

The post Buying a Home May Not Be as Out of Reach as You Think, Even in This Market first appeared on BlackPressUSA.

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LIVE from the NMA Convention Raheem DeVaughn Says The Time Is Now: Let’s End HIV in Our Communities #2

Set against the backdrop of the NMA conference, Executive Officers from the National Medical Association, Grammy Award Winning Artist and Advocate Raheem DeVaughn, and Gilead Sciences experts, are holding today an important conversation on HIV prevention and health equity. Black women continue to be disproportionately impacted by HIV despite advances in prevention options. Today’s event […]

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Set against the backdrop of the NMA conference, Executive Officers from the National Medical Association, Grammy Award Winning Artist and Advocate Raheem DeVaughn, and Gilead Sciences experts, are holding today an important conversation on HIV prevention and health equity.

Black women continue to be disproportionately impacted by HIV despite advances in prevention options. Today’s event is designed to uplift voices, explore barriers to access, and increase awareness and key updates about PrEP, a proven prevention method that remains underutilized among Black women. This timely gathering will feature voices from across health, media, and advocacy as we break stigma and center equity in HIV prevention.

Additional stats and information to know:

Black women continue to be disproportionately affected by HIV, with Black women representing more than 50% of new HIV diagnoses among women in the U.S. in 2022, despite comprising just 13% of women in the U.S.

Women made up only 8% of PrEP users despite representing 19% of all new HIV diagnoses in 2022.

● Gilead Sciences is increasing awareness and addressing stigma by encouraging regular HIV testing and having judgment-free conversations with your healthcare provider about prevention options, including oral PrEP and long-acting injectable PrEP options.

● PrEP is an HIV prevention medication that has been available since 2012.

● Only 1 in 3 people in the U.S. who could benefit from PrEP were prescribed a form of PrEP in 2022.

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TRUMP: “Washington, D.C. is Safe”

BLACKPRESSUSA NEWSWIRE — President Trump, who typically travels with a full contingent of high-level protection, insinuated that he finally felt safe enough to go to dinner in the District of Columbia. “My wife and I went out to dinner last night for the first time in four years,” said the nation’s 47th president.

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Photo: iStockphoto / NNPA.

By Apriil Ryan
BlackPressUSA Washington Bureau Chief and White House Correspondent

“Washington, D.C. is safe,” President Trump declared from the Oval Office today. Those words came while Trump was hosting Ukraine’s President Volodymyr Zelenskyy. During the question-and-answer session, which primarily focused on a peace deal in the Russian-Ukrainian war, Trump explained, “You did that in four days.” He was speaking of how fast the National Guard quelled the violence in what was once called Chocolate City.

The President deployed the National Guard to D.C. a week ago, to a city with reduced crime rates over the previous year. Violent crime dropped by 26%, marking the lowest level in 30 years. Homicides also fell by 11%.

President Trump, who typically travels with a full contingent of high-level protection, insinuated that he finally felt safe enough to go to dinner in the District of Columbia. “My wife and I went out to dinner last night for the first time in four years,” said the nation’s 47th president.

Trump reinforced his claim about the newly acquired safety in D.C. by relaying that a friend’s son is attending dinner in D.C., something he would not have done last year.

After the president finished his comments, a reporter/commentator in the room with close connections to Marjorie Taylor Greene jumped into the high-level conversation to affirm the president’s comments, saying, “I walked around yesterday with MTG. If you can walk around D.C. with MTG and not be attacked, this city is safe.”

That reporter was the same person who chastised President Zelenskyy months ago during his first Oval Office meeting with Trump for not wearing a business suit. Zelenskyy, a wartime President, has been clad in less formal attire to reflect the country’s current war stance against Russia.

Without any sourcing, President Trump also said, “People that haven’t gone out to dinner in Washington, D.C., in two years are going out to dinner, and the restaurants the last two days have been busier than they’ve been in a long time.”

The increase in policing in Washington, D.C. is because a 19-year-old former Doge employee was carjacked in the early hours of the morning recently.

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Rising Energy Costs Weigh Heaviest on Black Households

BLACKPRESSUSA NEWSWIRE — For many African American families, the cost of keeping the lights on and homes heated or cooled is not just a monthly bill — it’s a crushing financial burden.

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Rising Electricity Utility Prices and Energy Demand (Photo by Douglas Rissing)

By Stacy M. Brown
Black Press USA Senior National Correspondent

For many African American families, the cost of keeping the lights on and homes heated or cooled is not just a monthly bill — it’s a crushing financial burden.

A new national study from Binghamton University and California State University, San Bernardino, finds that Black households spend a far larger share of their income on energy compared to white households, even when income levels are the same. “We often say that African Americans suffer more, but we often blame it just on income. And the reality is, there is something more there,” study author George Homsy, associate professor at Binghamton University, wrote. “It’s not just because they tend to be poor. There is something that’s putting them at a disadvantage. I think what happened is it happens to be where they live.” The study, published in Energy Research & Social Science, analyzed 65,000 census tracts across the United States. It found that while the average American household spends about 3.2% of income on energy bills, households in the majority African American census tracts spend an average of 5.1%.

Homsy and researcher Ki Eun Kang point to the age and condition of housing stock, along with lower homeownership rates, as key drivers. Their research concludes that “energy burden is not simply a matter of income or energy cost but also race, which might be driven by place.” Older, less energy-efficient housing and high rental rates in Black communities mean residents often cannot make upgrades like improved insulation or new appliances, locking families into higher bills.

Tradeoffs and Health Risks

The consequences go beyond money. Families forced to spend 10% or more of their income on energy — what experts classify as “unmanageable” — may cut back on food, medicine, or other essentials. More than 12 million U.S. households report leaving their homes at unsafe temperatures to reduce costs, while millions more fall behind on utility bills. The health effects are severe. High energy burdens increase risks of asthma, depression, poor sleep, pneumonia, and even premature death. The issue is especially acute for African Americans, who are disproportionately exposed to housing and environmental conditions that amplify these risks.

Washington, D.C.: A Case Study

In Washington, D.C., the problem is particularly stark. A recent analysis by the Chesapeake Climate Action Network (CCAN) shows that SNAP-eligible households spend more than 20% of their income on energy bills. Across the metro area, nearly two-thirds of low-income households devote over 6% of their income to energy, and 40% face what researchers call a “severe financial strain,” paying more than 10%. Pepco, the District’s primary electricity provider, has implemented three consecutive annual rate hikes, pushing the average household bill to $114 per month as of January 2025. Shutoffs have followed — nearly 12,000 customers lost service in 2024, with disconnections doubling after a summer rate hike. Washington Gas has also sought a 12% rate increase and pushed a controversial $215 million pipeline replacement project, rebranded as “District SAFE.” The plan could ultimately cost D.C. households an additional $45,000 each over several decades, or nearly $1,000 annually added to bills.

Historical Roots

Researchers argue that these inequities are not accidental but rooted in history. The ScienceDirect study reveals that African American communities living in formerly redlined neighborhoods continue to face disadvantages today — from poor housing quality to higher climate risks. Homsy says policymakers must make targeted efforts. “It is harder to get to rental units where a lot of poor people live,” he noted. “We need to work harder to get into these communities of color.”

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