@legacyhomeloans just launched “Special Purpose Credit Program” (SPCP) for Black people who want to become homeowners. The new program is called CLOSING the GAP.
The program requires a 1% down payment, with free appraisal, free home warranty program, free pre-purchase homebuying counselling, free post-closing homebuying counselling, financial assistance with closing cost.
The CLOSING the GAP loan program uses credit guidelines based on factors such as timely rent, utility bill, phone, and auto insurance payments. The underwriting guidelines are based on the borrower’s income with a minimum credit core of 620.
LEGACY’s SPCP loan program will be piloted in six (6) U.S. Metropolitan cities: Atlanta, Baltimore, Chicago, Detroit, Memphis, and Philadelphia
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