Nick & Lisa: First Time Homebuyers

Nick, Lisa, and her son Jacob rented a 1-bedroom apartment and dreamed of homeownership. While the drop in home prices in the summer of 2010 made this dream accessible they struggled to find a house to purchase. Most of the homes on the market were foreclosures or short sales and were in need of significant repair. Because Nick and Lisa did not have additional funds to do repairs post-closing, such homes were not an option for them. Those properties in “livable” condition sold immediately above the asking price to all-cash investors. 

Nick and Lisa saw a home on the market owned by Self-Help and reached out to us. Self-Help had purchased the house in July 2010, rehabilitated it, and was looking to sell it to a family of modest means. After expressing interest in the house, Nick and Lisa were referred to Community Housing Development Corporation (CHDC) to receive homebuyer education and access to down payment assistance. They went into contract with Self-Help and closed on their first home in April 2011. Nick and Lisa now live in their own 3-bedroom house and are building equity. Their monthly housing costs are equal to what they were previously paying in rent.