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The Important Steps to Owning a Home and Building Wealth By Sheryl Merritt

April 7, 2024

Sheryl Merritt

Sheryl Merritt

(TriceEdneyWire.com) - The most effective way for African Americans to build wealth is through homeownership. But so many families ask, where do you start when you want to buy a home?

The National Association of Real Estate Brokers (NAREB) broadly provides this information so more Black families can enjoy the benefits of homeownership and create intergenerational wealth. The journey of becoming a homeowner, especially for the first time, can be both exhilarating and daunting. It's crucial to approach this process with a well-structured plan. Here are a few essential steps every first-time homebuyer should consider:

  • Prepare for Buying Home: Before looking at potential homes, it's essential to have a clear picture of your financial health. This includes reviewing your credit score, understanding your income, and identifying your budget for buying a home. Here are some tips:

- A good credit score for purchasing a home typically falls within the range of 620 to 850. This range represents the FICO credit score system, which lenders commonly use to assess an individual's creditworthiness. Scores above 720 are considered excellent and may enable borrowers to access the best interest rates and loan terms. However, individuals with scores at the lower end of this spectrum can still qualify for a mortgage, though they might face higher interest rates. It's important to note that while your credit score is a crucial factor, lenders will also consider other aspects of your financial situation, including your debt-to-income ratio, employment history, and the size of your down payment.

- Improving your credit score will help you secure a mortgage and potentially save thousands of dollars in interest over the life of your loan. To maintain or improve your credit score, make sure to pay all bills on time, keep credit card balances low, and avoid unnecessarily opening new lines of credit. It's also important to regularly check your credit report for errors and dispute any inaccuracies that could negatively impact your score.

-Ultimately, having a good credit score can open up opportunities for homeownership and save you money in the long run. So, whether you're currently in the market for a home or just planning for the future, taking steps to improve your credit score is a smart financial move. Remember, your credit score is just one piece of the puzzle when it comes to getting approved for a mortgage. Still, it's an important one that can significantly impact your borrowing power and the overall cost of homeownership.

  • Hire a Real Estate Professional: A knowledgeable real estate agent, such as a Realtist from the NAREB, can offer invaluable assistance in navigating the home-buying process. They can help you find homes that match your criteria, advise on the offer process, and negotiate with sellers.
  •  Securing A Mortgage Pre-Approval: A pre-approval from a lender gives you the advantage of knowing exactly how much you can afford. It also demonstrates to sellers that you are a serious and capable buyer. Here are the steps to getting pre-approval. Before approaching a lender for pre-approval, knowing how much you can afford is important. Consider factors such as your income, expenses, and credit score and:

-Lenders will require certain documents to verify your financial information, such as pay stubs, tax returns, and bank statements. Make sure to have these ready for the pre-approval process. Research lenders: Shop around and compare different lenders to find one that offers competitive rates and terms that suit your needs.

 Fill out an application with your chosen lender and provide all necessary documents to begin pre-approval.

- The lender will review your application and documents and determine if you qualify for a mortgage pre-approval.

- If approved, the lender will provide a pre-approval letter stating the amount you can borrow.

- Keep in mind that a pre-approval is not a mortgage guarantee, but it puts you in a stronger position when making offers on homes. With your pre-approval in hand, you can shop for homes within your budget, showing sellers that you are a serious and prepared buyer. Remember, the pre-approval is typically valid for a certain period, usually 60 to 90 days, so it’s important to start your home search soon after receiving it. Finally, maintain your financial stability during this period by avoiding new debt or making significant purchases, as these can affect your mortgage qualification.

  • Determine Your Preferences and Needs: Find the right neighborhood, considering general safety and desirability, condition of other homes in the area, quality of local schools, distance from your job, availability of public transportation, recreational activities, shopping, and places of worship. Also consider features needed for the house: the current and future size of the household, living needs and interests, proximity to work, schools, shopping, and recreation. Visit schools and daycare centers, and observe other homes on the same street.
  • Shop for your new Home: Seeing a variety of homes in person gives a better understanding of what is available in your price range and what features you value most.
  • Make an Offer on a Home: Once you've found a home that meets your needs and fits within your budget, your agent will assist you in making a competitive offer based on current market conditions.  You will offer a price. You and your real estate professional will determine the amount of earnest money, legal names of buyers and sellers, address and legal description of the house, provision for home inspection, proposed closing date, list of items the seller is leaving, breakdown of fees and who pays them, and possible time limit for seller acceptance.
  • Apply for Your Mortgage: Explore all the loan options. It’s essential to understand the different types of mortgage loans available to you. These may include fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and others. Each type has its pros and cons, depending on your financial situation and how long you plan. Even with your pre-approval, you'll need to provide additional documentation, including:

- Proof of income, with the most current month of computer-generated paystubs with YTD income information.

- Two years of W-2s and/or tax returns.

- Source of funds, with one to two months of complete bank statements.

Documentation of any large deposits, gifts, and liquidation of any assets.

-The more accurate and detailed information provided, the better the process. For example, have paystubs and tax returns to provide income, including child support, alimony, and all obligations.

  •  Schedule a Home Inspection and Appraisal: Lenders will usually require a home inspection and an appraisal to ensure the property's value matches the purchase price and loan amount. The lender will likely arrange the inspection, appraisal, and a final walk-through inspection.
  •  Close on Your Home: If all goes well with the inspection, appraisal, and final mortgage approval, you'll close on your home. Obtain a cashier’s check for the amount due. Call the utility companies. Welcome Home!!!
  • Maintain Your Mortgage: After closing, remember to budget for monthly mortgage payments, property taxes, homeowners’ insurance, and any homeowner association (HOA) fees. Staying on top of these expenses is crucial to maintaining your home and building equity over time.

This NAREB Building Black Wealth Blog was written by Sheryl Merritt, MBA, CEO/Broker, New Legacy Realty.

President Biden's State of the Union Address Centers On NUL's Agenda To Defend Democracy By Marc H. Morial

To Be Equal March 18, 2024

                               President Biden's delivery of the State of the Union Address. PHOTO: Paulette Shipman-Singleton/Trice Edney News Wire

                               Vice President Kamala Harris backs up Biden with applause as House Speaker Johnson remains seated as he often did alongside his Republican colleagues. PHOTO: Paulette Shipman-Singleton/Trice Edney News Wire

NEWS ANALYSIS(TriceEdneyWire.com) - “When you get to my age, certain things become clearer than ever before. I know the American story. Again and again, I’ve seen the contest between competing forces in the battle for the soul of our nation. Between those who want to pull America back to the past and those who want to move America into the future. My lifetime has taught me to embrace freedom and democracy. A future based on core values that have defined America. Honesty, decency, dignity, equality. To respect everyone. To give everyone a fair shot. To give hate no safe harbor.” – President Joe Biden, 2024 State of the Union Address

President Biden’s third State of the Union Address on  March 7 met with overwhelmingly positive reviews for both its powerful content and his energetic delivery.

Falling as it did just days after the release of the National Urban League’s 2024 State of Black America® report – which included a special section, Evaluation for Progress: Report on the Biden Harris Administration – it’s worth noting the contrast between this address and the 1976 address by President Gerald Ford that inspired the original State of Black America report.

Both President Ford’s address and Sen. Edmund Muskie’s opposition conspicuously failed to mention the challenges facing Black Americans at the time. In contrast, President Biden not only wove racial equity throughout his speech, but he also delivered it on the 59th anniversary of Bloody Sunday, a transformational moment in the Civil Rights Movement. Encouragingly, the speech explicitly addressed all three “Ds” in the National Urban League’s agenda: Defend Democracy, Demand Diversity, Defeat Poverty.

“I ask all of you, without regard to party, to join together and defend democracy,” President Biden said. “Respect free and fair elections. Restore trust in our institutions. And make clear — political violence has absolutely no place, no place in America.”

Highlighting the anniversary of Bloody Sunday and pointing out the marchers in the chamber, he said, “Hundreds of foot soldiers for justice marched across the Edmund Pettus Bridge, named after the Grand Dragon of the Ku Klux Klan, to claim their fundamental right to vote,” he said. “They were beaten. They were bloodied and left for dead … Five months later, the Voting Rights Act passed and was signed into law. But 59 years later, there are forces taking us back in time: voter suppression, election subversion, unlimited dark money, extreme gerrymandering."

He called on Congress to pass the Freedom to Vote Act and the John Lewis Voting Right Act, two bills that are at the heart of the National Urban League’s advocacy. In calling for an end to book bans and the erasure of America’s history of racial violence and discrimination, President Biden called diversity a “core value of America.”  In addition to assembling the most diverse Cabinet, senior leadership, and federal judiciary in history – including the first woman and person of color to serve as Vice President and the first Black woman on the U.S. Supreme Court – President Biden on his first day in office disbanded the Trump Administration’s 1776 Commission, which has sought to erase America’s history of racial injustice., and revoked Trump’s damaging executive order restricting diversity and inclusion training. Several times during the speech, President Biden referenced the American Rescue Plan, which lifted more people out of poverty than any piece of legislation in the past 50 years, spurring the greatest single-year reduction in child poverty on record, and driving child poverty to a record low. “The child tax credit I passed [as part of the American Rescue Plan] cut taxes for millions of working families and cut child poverty in half. Restore that child tax credit. No child should go hungry in this country.” The National Urban League is proud to have worked with the Biden Administration to help defend democracy, demand diversity, and defeat poverty, and we are committed to continue holding President Biden and all elected officials accountable to the imperatives of racial equity and economic opportunity.

Why Being a Fraternity Brother is Entirely Compatible With My Christian Faith By Keith Magee

Feb. 5, 2024

KeithMagee2

(TriceEdneyWire.com) - Historically Black fraternities and sororities – often referred to as Black Greek-letter organizations, or BGLOs – have been making a difference in the lives of Black Americans for more than a hundred years. Members of these organizations have historically been at the forefront of the struggle for racial equality and have been change-makers in every professional sphere.

BGLOs regularly band together to fight  principalities, dark powers and wickedness in high places and to promote social justice, voting rights, and anti-poverty measures. And yet, over recent years, some Christians have denounced their BGLOs, publicly attacking them for being “idolatrous” in their use of symbolic Greek letters and for causing members to put loyalty to their organization above loyalty to their faith.

I know the most fundamentally important aspect of my identity is my love for Jesus as Lord. I trust the Holy Spirit as my lead and guide into all truth, and I constantly seek to live the life that is required of me as a believer. I am convinced that through the story of Jesus' life, death, burial, resurrection, ascension and soon-to-come return, the message He is sending us, in His wisdom, is one of love. I try to embody that message in everything I do.

I am also a proud member of two Black fraternities, Kappa Alpha Psi (one of the Divine Nine collegiate BGLOs) and Sigma Pi Phi (for professionals). Kappa was founded by 10 principled Christian men. With Kappa, I was younger when I crossed and not quite as knowledgeable as I am now about my faith. Nevertheless, at no point in my life have I ever entered into an unorthodox, uninformed, or ungodly alliance with a Greek deity. Nor have I ever sworn an oath that would in any way hinder, absolve, or negate my Christian beliefs. 

The Divine Nine were established, mainly in the first decades of the 20th century, as peer-support mechanisms for Black college students. These young people experienced routine racial discrimination, not just in predominantly white institutions and in wider society, but also in the majority white fraternities and sororities already established on campuses. For many Black students, joining BGLOs helped them survive and thrive. Membership allowed them to bond, build lasting networks of brother- or sisterhood, and empower one another and the whole Black community, both at university and then beyond.

It would be impossible to list here the names of all the illustrious leaders from our community who were or are affiliated to BGLOs – there are simply too many to mention. But notable examples include Rev. Samuel DeWitt Proctor (Kappa Alpha Psi); Rev Dr Martin Luther King, Jr. (Alpha Phi Alpha); and Rev. Jesse Jackson (Omega Psi Phi). Bishop Vashti McKenzie, the first female bishop of the AME Church, is a member of Delta Sigma Theta, the sorority of which her grandmother, Vashti Turley Murphy, was one of the founders. My own mother, Rev. Dr Barbara Reynolds, is a Delta too. One of my peers, Rev. Teraleen Campbell, is the International Chaplain of Zeta Phi Beta Sorority. And let’s not forget, some of our current political heavyweights are also pledged to Greek letter organizations, including Vice-President Kamala Harris (Alpha Kappa Alpha), Minority Leader of the U.S House of Representatives Hakeem Jeffries (Kappa Alpha Psi), and U.S. Senator Rev Raphael Warnock (Alpha Phi Alpha).

From their foundation, both Black and white fraternities and sororities chose to associate their organizations with letters of the Greek alphabet as a nod to the intellectual innovators who flourished in the rich cultural arena of ancient Greece. The enduring contributions made by sages like Plato, Aristotle, Heraclitus, and Pythagoras to fields such as philosophy, science, and mathematics meant aspirational college-educated men and women naturally wanted to be connected to such a tradition.

To this day, when the initiates of BGLOs swear oaths of loyalty, they are pledging to participate in the ongoing quest to unlock the secrets of great knowledge for the good of humanity as well as committing to uphold the ideals of their fraternity or sorority for life. Why anyone would see that as being somehow in conflict with Christian values is utterly baffling to me.

I am in no way opposed to an individual deciding to renounce their affiliation to a BGLO because of their personal beliefs, any more than I would take issue with someone choosing to no longer eat shellfish, wear wool, or straighten their hair. However, when I hear a person denouncing BGLOs in general, insinuating that they are somehow “demonic,” and inciting all other members to follow their personal example, that causes me pause. Even if you experience what you believe to be a revelation that must guide your own choices, how can you then deem that to be the truth, rather than your truth?

One person’s shortcomings in life, or the way an individual lives in a particular state of sin doesn't necessarily apply to everyone. Rather than rail against BGLOs, I wish more believers would be concerned about the ungodly alliances or oaths some of us make to certain churches, other organizations, and leaders who really do act or live in a perpetual reprobate state. In contrast, I would ask that we all extend a measure of grace to any group or institution – including Black BGLOs – whose members are exhorted to spend a lifetime making a positive impact on their communities and exemplifying the kindness Jesus teaches us.

In the case of both my fraternities, I can unequivocally and wholeheartedly serve Jesus as Lord, while fulfilling our collective purposes and aims in the certain knowledge that Jesus gets the glory out of my being a member. Why? Because when I’m present with my brothers, the Holy Spirit is there abiding in me. I can, likewise, say that in every formal fraternity setting, overt reverence is always paid to what I believe. In fact, I often either attend or serve as the celebrant for the weekly online services that are currently held by one of Kappa’s alumni chapters.

Therefore, I am not tethered by being a fraternity brother – far from it. Nothing about my membership of these illustrious organizations restricts me in my faith. I’m entirely free in Him who set me free.

Keith Magee is a theologian, political adviser and social justice scholar. He is chair and professor of practice in social justice at Newcastle University (United Kingdom). He is senior fellow and visiting professor in cultural justice at University College London Institute for Innovation and Public Purpose, where he leads theBlack Britain and Beyond think tank, and is also a fellow at its Centre on US Politics. He is the author of “Prophetic Justice: Essays and Reflections on Race, Religion and Politics.” 

Reviewing Our Past By Berthony Napoleon and Rey Robinson

Second in a Series

Dec. 31, 2023

 

Rey Robinson

Rey Robinson

Barthony Napoleon

Berthony Napoleon

The “Teaching Our Own History (TOOH) Task Force” tasked my organization, Five and Two Solutions Group Inc. (FTSG) to write this article “Reviewing Our Past.” I accepted the task as a privilege and honor. This came about after a briefing that encompassed pre-slavery to present day, provided to the Task Force on the “Five and Two Solutions’ New World African (NWA) Studies, A Primer to Decision Making Process.” NWA is also an Ayisyen (Haitian) word which means black.

The New World African (NWA) concept highlights the peculiarity of the Africans captured in Africa, sold, shipped in chains and scattered within the Americas and the Caribbean in slavery under the whip of the Christian Empires of Europe, sanctioned by Pope Nicolas V. The program’s critical thinking, and historical analysis within the context of: Security, economic, diplomacy, informational and immigration stimulate the imagination of the African American Youth, to dig into the functionality of history. Reviewing our past critically, helps African American Youth:

- To know: Who, what, where, why, when and how of slavery (to develop a never again attitude).

- To acknowledge as Africans, we were once sovereign, many were royalties, and to discover the scattered Africans in the New World, increasing African-American’s worldview to enable vision for critical decision making.

- To cultivate a common consciousness amongst the Nwas; an identity to advance our narrative and testimony, in order to tell our own story.

- To get wisdom and understanding to rebuild our Spiritual, Educational and Entrepreneurial systems.

- To understand the status quo, and to take appropriate actions favorable to our community.

- To develop informed visionary leaders who can in turn build their people self-sufficiently and self-reliantly.

Conclusion: African American Youth in the aggregate are not grateful to their ancestors, and are not prepared to make informed decisions that are beneficial to their self-interest. The education system is inadequate to prepare African American youth. To reverse the trend, we need to “Teach Our Own History (TOOH).” Make “NWA” history part of the learning regiment of our community, to develop visionary leaders with authentic belief systems in their People.

We have launched a statewide task force in conjunction with the Florida General Baptist Convention, Inc., Reverend Dr. Carl Johnson, President, to demand that the governor of Florida and the State Department of Education, teach black history accurately, factually and forthrightly. In the spirit of Dr. King, in the State of Florida, we organized a task force labeled, "Teaching Our Own History." Carter G. Woodson, the founder of Negro History Week, encouraged us to not sit idly by and allow this system to “mis”-educate black people.

Our Task Force will present to the government, a comprehensive curriculum that correctly and effectively teaches Africa and African Americans history to students in Florida's public schools. Moreover, we will develop forty (40) plus "Freedom Schools” by 2025. We will not sit idly by and allow any governor, to erase the accurate teaching of Black history.

The Objectives of “The Teaching Our Own History” Task Force are as follows:

1. To encourage the accurate and unbiased teaching of African American history, culture, experiences and invaluable contributions in the state of Florida and this nation

2. To develop strategies and solutions to support and strengthen public education in marginalized communities

3. To develop and adequately support 40 Freedom Academies across the state of Florida

4. To create significant after school programs for students in Title One schools in marginalized communities across the state of Florida, using an age appropriate African American History Curriculum to strengthen reading, writing and mathematics skills

5. To create summer “Freedom Schools” to teach youth the importance of African Americans contributions, self-respect, personal responsibility, and African American contributions

6. To empower and encourage the three private HBCUs in Florida to develop laboratory schools on their respective campuses by 2025

7. To cultivate and create partnerships with foundations, businesses and philanthropists to support programs and events that consistently celebrate the contributions of African American history, culture, literature, faith and heritage

We all must redouble our efforts to fight for social justice, voting rights, civil rights, diversity, equityand inclusion. The dismantling of programs of diversity, equity and inclusion are shameful and insulting.

Over the next several weeks, selected members of “The Teaching Our Own History” Task Force will publish articles for dissemination through The National Black Press, addressing the critical components for teaching our own history. I encourage our readers to enthusiastically engage in meaningful discussions in their various constituent groups and organizations as we speak “truth to power.”

Berthony Napoleon is chairman and founder and Rey Robinson is CEO of the Five and Two Solutions Group, Inc.

 

Out With the Old? 2023 News that will Haunt Us in 2024 by Julianne Malveaux

Dec. 26, 2023

NEWS ANALYSIS

malveaux

(TriceEdneyWire.com) - Many of us go through the useless ritual of making New Year's resolutions and proclaiming "out with the old."  Maybe that works for your eating habits or exercise routine, but 2023 news will be with us into 2024. From my perspective, these are the things we'll be paying attention to in 2024.

1.    I’m an economist, so my top news carryover is The economy: Inflation is slowing, and unemployment rates are low. Good news, right? Some economists are still predicting a recession in 2024 and a "sharp hit," not a "soft landing."  Either way, economic news will dominate in 2024, and the fact that it's an election year means there will be "alternate facts" and interpretations. Bottom line – stack your money. Recession hits Black folks harder, and recovery helps us more slowly than it helps others. And don't believe the hype that Biden didn't help the economy. He did!

2.    Congressional gridlock: won't go away until the election of 2024. Republicans have a narrow majority and can't seem to get much done. A budget has to be passed in January, but neither side appears willing to compromise on immigration reform and border control, aid to Ukraine and Israel, and more.   I don't think Republicans are eager to shut the government down, especially in an election year, but their brinksmanship has left their party in tatters (who knew who Mike Johnson (R-LA) was a year ago)? 

3.    While I hate to elevate the narcissistic former President:  He dominates the news, and unfortunately, too many cover him uncritically. Look – he lost the 2020 election and inspired an insurrection. He's been indicted 91 times and is unfit for public office, but his hard-right supporters, including many Congressional Republicans, are too afraid of his influence to speak up. Can he win in 2024? Unless we invest in record turnout, very possibly. 

4.    Anti-blackness in education and legislation: While the mainstream media won't cover this much, it is alarming that 44 states have introduced legislation to restrict teaching about race. More than 1600 books have been banned, including works by luminaries like Toni Morrison and Alice Walker. Couple this with the efforts of Edward Blum to dismantle affirmative action, going so far as to sue the government, the private sector, and even African American women who have developed race-specific efforts. This effort isn't going away. Conservative foundations fund Blum's efforts. These very predatory capitalists used racism to build their fortunes and now want to eliminate the use of race in repairing the racial wealth gap.

5.    Additionally, there have been constant attacks on DEI (Diversity, Equity, and Inclusion): Efforts at universities, government organizations, and private companies. Anti-blackness is alive and well. The struggle continues.

6.    Police violence: Nobody covers police violence better than Roland Martin, who very frequently highlights incidents of police violence that don't make the national headlines. Just because it isn't on the front page of the New York Times doesn't mean it isn't happening. Kudos to Roland for constantly lifting this up and to attorney Ben Crump for working with the families of those massacred at the hands of rabid police officers. Justice delayed is not always justice denied. Thanks to Assistant Attorney General Kristin Clark, many of these massacres are being aggressively investigated.

7.    Immigration reform and border control: Have been unfinished business since 1986, but the former President has denigrated and misrepresented immigrants. There's no easy solution to immigration. How do we deport millions who are now part of the fabric of our lives? How do we absorb the people at our borders who are only looking for a better way of life? How do we balance the needs of those coming in with those already here? Cities like Chicago and New York struggle to accommodate those whose putrid governors (like Texas' Greg Abbott) are shipping people to those states. Jingoistic rhetoric doesn't help a pressing issue. With Orange Man acolytes running the Congress, any solution seems grim, if not impossible.

8.    Israel: People in the United States are firmly divided on how our country deals with the Middle East. It goes without saying that Hamas was wrong in its attack on Israel, which resulted in between 1200 and 1400 deaths and the taking of more than 200 hostages. It should also go without saying that the attack was a function of the apartheid state Palestinians were forced into, the land loss that they experienced, and the desperation that many felt. Wading into this conflict is like touching kryptonite. If you say the wrong thing, you're dead. But while it is essential to condemn Hamas, it is also important to acknowledge their motivation. There must be a cease-fire. The hostages must be released. The United States must be much more measured in our approach.

9.    Labor Power: Organized labor stepped up and showed out with strikes from the United Auto Workers, Los Angeles teachers and ancillary workers, and actors and writers in the entertainment industry. It's essential to black folks because when we are organized, we make about a third more Black folks who aren't organized. Economic issues have radicalized workers who thought they had no power. Now, as the economy tilts against workers, organizing tilts toward them.

Fasten your seat belts, y'all. 2023 left us with much in the trunk for 2024. May we use this election year to struggle for economic and social justice?

Dr. Julianne Malveaux is an economist and author. The second edition of Surviving and Thriving:  365 Facts in Black Economic History is available through mahoganybooks.com

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