How The Dream Turned Into Reality
Here’s a story a colleague shared with me recently. It embodies every concept I emphasize to my buyer clients and it’s the reason I do what I do. In 2010, my colleague was getting his hair cut by a stylist in her mid-20’s. After she found out my colleague was in the real estate business, she asked questions about home ownership. She mentioned it was her and her husband’s dream to own a home one day, but she didn’t think it was possible. Although she had a good credit score, their income was modest, they had very little savings, and they were making payments on a truck. At that time, my colleague advised her to focus on paying off the truck and look for ways to reduce discretionary spending in order to save money for a down payment.
By 2013, the couple had paid off the truck and saved about $12k. With few other resources, they researched various mortgage assistance programs and discovered they qualified for a loan program that required only 3% down. My colleague hooked them up with a great mortgage professional who qualified them for the loan and ultimately they moved into a single family home for $419k. At the time, that was above asking price and a bit more than their ideal budget. They had to stretch to make it happen. Since moving into that home 4 years ago, they were able to refinance their home for lower monthly mortgage payments. The husband has advanced in his career and now receives a better income. And, based on recent sales activity in their neighborhood, their home appreciated in value by over $200k. It’s been 7 years since that haircut. Clearly, their financial situation is far better now than if they continued to rent.
I share this story because it shows that the American dream is accessible. It may seem out of reach at first, but with proper guidance and good financial discipline, things can work out well in the long run. The key is to take action. There are programs out there like the Golden State Finance Authorities 5% FREE grant and the CalHFA ZERO down loan. If you want to STOP PAYING RENT you can do it. Talk to me offline and Ill show you how.