(BLACK PR WIRE)( September 1, 2009) Everyone wants to have something that they can cherish and call their own. One way to fulfill the need and want can be through home ownership.

Studies show that although African Americans are buying homes, they are still at the bottom of the barrier when it comes to statistics. Majority of African Americans are renting rather than buying. The Enhanced Living website states, “Despite the African American homeownership rate increasing by 1.5%, African Americans are vastly behind their counterparts”. According to Enhanced Living 47% of African Americans are homeowners compared to 48% Hispanics and 73% Caucasians home owners.

Even though more blacks are starting to own their own homes the numbers are not high enough. As a way to help African Americans many cities and communities are developing more housing developments for different incomes.

One company that has been working effectively for many years preparing perspective homebuyers is Fannie Mae. Fannie Mae offers step by step guides in the form of booklets that assists first time homebuyers on what it takes to own their own home. Fannie Mae’s guides include:

•Establishing and/or fixing credit- This can be done first by acknowledging current credit status, learning ways to correct and repair credit errors before looking for a lender.

•Money- Having a mind set on possible mortgages through calculations that are in financial range. Learn how much is needed for down payment. Understand key terms such as fixed-rate and adjustable-rate are key starters.

•Borrowing- The goal when it comes to borrowing is first stopping predatory lenders. Research different loans to decide which one is the best.

As for now, research and learn as much as possible as you prepare to own your own home.