My First Home – Page 5 – Black Enterprise

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My First Home

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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