Breakthrough in Building, Home Distributor Works with South Carolina Businesses to Close Home Ownership Gap
Omega Quality Properties, LLC a Home Distributor of New York teams up with South Carolina businesses to help Baby Boomers, minorities and immigrants become homeowners.
(PRWEB) April 24, 2005 -- Look at Omega Quality Properties, LLC at http://www.Omegaqualityproperties.com that company specializes in panelized homes. Studies show that these homes are energy efficient and better than stick built. Its like getting a luxury automobile for the price of a family car. Omega Quality Properties, LLC an independent Eagles Nest Homes Distributor, has teamed up with local businesses to close the homeownership gap. They hope to accomplish that by giving more Baby Boomers, minorities and immigrants help becoming homeowners. There initial efforts will involve getting accurate information to these groups about the homeownership process.
There is definitely a gap in homeownership between minorities and whites. This gap is due to a number of factors, namely misleading information. National Housing survey shows that there are four elements that keep the American Dream just a dream for some. These elements are information, confidence, credit and affordability. NHS survey shows that only 60 -percent of African Americans and 27- percent Spanish Hispanics knows that a 30-year mortgage commitment is not required. An overwhelming 57 percent of African Americans and 64 percent of English Hispanics believes perfect credit score is not necessary for a mortgage. Banks such as Indy Mac and Homeowners Mortgage finance people with challenged credit scores.
Minorities surveyed had other concerns about the homeownership process. The largest minorities groups are Hispanics 42%, African-American 32%, and Asian 17%. These groups lack confidence about the process, because of misleading information sent to them. The truth is each situation is different for each family. Their lack of confidence, according to the survey by NHS is also due to discrimination. In addition, lack of savings for down payment and closing costs were other reasons people failed to become homeowners.
Housing and Urban Development stepped in to help close the homeownership gap between whites and minorities. HUD announced $1.9 million is available for down payment assistance in South Carolina. These funds available through the American Dream Down Payment Initiative (ADDI) are available for first time homebuyers to use towards down payment and closing costs. These funds were earmarked for communities such as Charleston, Columbia and Richland County.
I am excited about working with Mr. Vaught, Coldwell Banker and Mr. Holston, Holston JC Construction, Co. both of Columbia South Carolina to provide an affordable home," says Jerome Frierson, VP of Omega Quality Properties, LLC. We have an innovative process that will give minorities and others confidence about the homeownership process. Panelized homes statistics shows that 56% of homes built were panelized homes instead of stick built. The panelized home with builders assistance provides a greater incentive to build a home", says David Straight, CEO of Eagles Nest Homes. The potential of saving $25,000 on a $100, 000 home will spark the interest of a substantial amount of people he says."
About Omega Quality Properties, LLC
Omega Quality Properties, LLC, acts as an independent Eagles Nest Homes Distributor. That company provides housing and home building products and services in New York, New Jersey, Connecticut, and South Carolina. Omega Quality Properties, LLC has its headquarters and 23-acre parcel of land in New York. They educate buyers about the homeownership process. Their conventional and creative products will allow low to moderate-income families become homeowners with large equity potential. Their homes range from 800 to
4, 090 sq. feet and are priced from $55,000 to $500,000. They have limited affiliate opportunities available in New York, New Jersey, Connecticut and South Carolina.
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