General World News

Legacy Home Loans launches SPCP for Black borrowers

Ben Slayton’s Legacy Home Loans, the largest Black-led mortgage banking firm in the country, has launched a special purpose credit program for prospective Black borrowers in six cities across the country.

The SPCP, called “closing the gap,” permits a 1% down payment with a free appraisal, free home warranty program, free homebuying counseling and financial assistance with closing costs. The SPCP loan program will be piloted in Atlanta, Baltimore, Chicago, Detroit, Memphis and Philadelphia. Borrowers must presently reside in a census tract of the six cities that has 51% or more Black population.

The loan program uses credit guidelines based on factors details ⇒

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