sell but says he learned some valuable lessons as a first-time home buyer that help him continue to build wealth today. “I realized early not to be in a hurry to fix up my home. When I bought this house, it was a 30-year investment and I didn’t want to feel financially strained by rushing to put a lot of money into it,” he says. In addition, Majette says having a rental property nicely supplements his income.
WEALTH NOW AND FOR THE FUTURE
Both the Swaffords and the Gordons say their first home fits into their long-term plan to build wealth for their families. The Swaffords are determined to create a legacy of homeownership. “When we do get a bigger home, we can rent this one out for extra income,” say Christina and Raun Swafford. “Our hope is to be able to pass a home on to our kids.”
Over the last three years, the property values in the Gordons’s neighborhood have almost doubled. Purchasing their starter home has provided them with a base for more profitable real estate deals in the future. “We wanted a first home that would appreciate in value, and I hope we can sell it and realize a substantial profit,” says Karen. “This home will definitely lay a foundation to help us do more in terms of buying in the future.”
HOME BUYERSASSISTANCE PROGRAMS
|
PROGRAM NAME/LOCATION |
GEOGRAPHICAL RESTRICTIONS |
INCOME RESTRICTIONS |
PHONE NUMBER/ WEBSITE |
DESCRIPTION |
BENEFITS/TYPE OF ASSISTANCE |
FIRST-TIME HOME BUYER |
| AmeriDream Inc. Gaithersburg, MD | Available in most parts of the U.S. | None, but the price of a single-family unit must be less than $333,700, and multiunit properties must be less than $641,650 | 866-263-7437 www.ameridream. org | Administers gift funds to home buyers purchasing a home in the AmeriDream Down Payment Gift Program | Down payment gift is generally 2% — 10% of purchase price | yes (not only first-time home buyers) |
| The Genesis Program Austin, TX | Available in most parts of the U.S. | None | 512-231-0270 www.thegenesis program. org | Administers gift funds to home buyers so they can purchase eligible Genesis properties | Up to $22,500 for down payment and/or closing costs | yes (not only first-time home buyers) |
| U.S. Department of Housing and Urban Development Washington, DC | Available in most parts of the U.S. | None, but borrower must have good credit and have sufficient income to cover mortgage, down payment, and closing costs. Borrower must also meet sufficient appraisal value requirements. | 202-708-1112 www. hud. gov | Administers a variety of programs targeting low- and moderate-income home buyers | A variety of loans are available to low- and moderate-income families through its programs as well as its HUD homes | yes (not only first-time home buyers) |
| Fannie Mae Washington, DC | Available in most parts of the U.S. | Home loan amount must be equal to or less than $337,700 | H=”85″ VALIGN=”TOP”>800-732-6643 www.fanniemae. com | Purchases home loans from its lending partners, enabling them to offer other home loans | Offers a variety of products for those who have been
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