Kathy first came to Homestart in February of 2016. At the time, she was renting a house in Las Vegas, NM and wanted to pursue homeownership but wasn’t sure if she wanted to move to Albuquerque or stay in Las Vegas.
Kathy knew exactly what she wanted in a home, 2 – 3 bedrooms, not too big, with a little yard and space for a small garden. But she was also concerned about affordability, as she was recently retired and living on a fixed income. The home she’d been renting for the last several years suited her needs nicely, but she was always a little bit fearful that someday someone would tell her that she had to move. She wanted the stability and peace of mind of a place of her own.
After considering her frequent trips to Albuquerque for her healthcare needs, she decided to focus her home search in that area. She also found a wider variety of options available in her price range, and felt confident she could find the home she really wanted there.
In the time leading up to her first visit with RobbieAnn, her Homestart Home Purchase Advisor, Kathy had been hard at work to ensure her credit, debt and savings were all in line. By the time of her first meeting, she was already financially ready to buy a home. Her next step was to work with Ambrose, her Homestart Realtor, to find the perfect one. Through a great stroke of luck and with all of the thought Kathy had already put into what she wanted in her home, they found the perfect fit on the first try.
The home was in a historic neighborhood near downtown, and had been sitting vacant for several years. It was owned by the City and they were ready to offer special financial assistance to the right buyer. And Kathy was that buyer!
Through the City program, Kathy was able to receive additional purchase assistance of $50,000, making the home both perfect in its features and highly affordable. In fact, with a small amount of up-front cash, Kathy was able to purchase the home with a monthly mortgage payment only $28 more than she was previously paying in rent. Because the home had been vacant for so long, it needed several repairs to make it move-in ready. The City made all the necessary improvements to the home before Kathy moved in so that she could start enjoying her new home on day one.
Through this collaboration between Homestart and the City of Albuquerque, Kathy was able to achieve her dream of homeownership in an affordable and sustainable way. Not only has her own life been positively impacted through the benefits of homeownership, she is also positively impacting the quality of life in her neighborhood by taking ownership of what was once a vacant and run down property and turning it into a lovely home.