Building Wealth, Not Just Renting: Recap on YWCA Delaware’s Lending & Homeownership Essentials Seminar
June Crockett, Asset Building Program Manager at YWCA Delaware hosts Lending and Homeownership Essentials seminar with Sara Altagracia, Senior Mortgage Loan Officer at Fulton Mortgage Company and Real Estate Agent Irma Rodriguez.
December 11, 2024
YWCA Delaware recently hosted a Lending and Homeownership Essentials series, where Sara Altagracia, Senior Mortgage Loan Officer and Clare Crossan, Vice-President - Mortgage Sales Manager from Fulton Mortgage Company and Real Estate Agent Irma Rodriguez, delivered an in-depth overview of the ins and outs of the mortgage and home buying process. Participants gained valuable insights into mortgage options, loan types, down payments, closing costs, and how credit scores can impact mortgage rates—empowering attendees to make informed choices that could lead to favorable terms on their home loans.
The Challenges of Renting
With limited available rental properties and surging prices, securing a rental has become increasingly difficult. In Delaware, 50,000 renters are considered cost-burdened, with 25,000 severely cost-burdened, paying more than 50% of their income in rent (2023 Delaware State Housing Authority Statewide Housing Needs Assessment). When faced with significant rent increases, renters are at greater risk of experiencing homelessness. For many, homeownership offers a better path, allowing for affordable mortgages and the chance to build equity.
Homeownership Gaps by Race
However, as renters allocate more of their income to rent, they struggle to save for down payments, further decreasing homeownership rates. According to the Delaware State Housing Authority, significant ownership gaps exist by race. While 81% of White households are homeowners, only 52% of Hispanic households and 51% of Black households own homes. YWCA Delaware is committed to helping BIPOC women and families break free from the rent cycle and gain the financial independence that comes with homeownership.
Creating Educated Empowered Consumers
As a HUD-certified counseling agency, YWCA Delaware provides information on funding sources to assist with down payments and closing costs. We help individuals understand their expenses, set realistic budgets, assess housing needs, and create a plan to improve credit scores—all essential to securing a mortgage. Throughout the year, YWCA Delaware offers homeownership seminars designed to empower informed, confident homebuyers on their journey to owning a home.
Ready to start your journey toward homeownership? Visit ywcade.org/events to explore upcoming free educational workshops and discover how YWCA Delaware can help you create a plan to build generational wealth.