Kwasi Bowie Discusses Revolutionary Covenant Home Loan on The Day with Trae
In a recent episode of The Day with Trae, host Trae Holiday welcomed Kwasi Bowie, a seasoned real estate broker and team leader at John L. Scott, to discuss the groundbreaking Covenant Home Loan program, which he refers to as the "Reparations Home Loan." This program, designed to assist first-time homebuyers in BIPOC communities, provides up to $150,000 in down payment and closing costs to qualifying individuals.
Bowie, who has over 17 years of experience and has personally sold over 500 homes, shared insights into his career journey and the challenges of Seattle's real estate market. He emphasized the importance of the Covenant Home Loan, the first of its kind in the U.S., which acknowledges Washington State's history of redlining and other discriminatory practices that hindered homeownership in marginalized communities.
Bowie explained that to qualify for the loan, individuals must be first-time homebuyers with an income below $147,400 in King County. Additionally, applicants must have deep roots in Seattle, with a family connection in the area prior to 1968. The loan has no interest or payments unless the home is sold or refinanced.
Bowie noted that while the program is an excellent start in addressing homeownership disparities, there are areas for improvement, such as allowing recipients to buy down their interest rates. He also highlighted the importance of spreading awareness about the program, encouraging the Black and BIPOC communities to take advantage of this opportunity to build generational wealth.
Overall, the Covenant Home Loan aims to create a path for those historically excluded from homeownership, and Bowie is committed to amplifying its benefits through outreach and education.
For more information, visit https://kwasib.johnlscott.com/home.
To see more guests like Bowie, tune in with Trae every weekday at 11 a.m. on all Converge Media platforms and The Day With Trae YouTube Channel.
