Homewise Home Buying Program Makes Dreams Come True
Client Location: Albuquerque, NM
CDFI Service Area: New Mexico
Lynzie always knew she wanted a home of her own. She’d been renting for several years and was ready to have a place that was truly hers. But she faced obstacles to becoming a homeowner, including saving money for a down payment. She didn’t see a way to save the typical 20 percent that most lenders require and knew that meant paying for Private Mortgage Insurance (PMI), an extra monthly payment that created further obstacles.
Through Lynzie’s job, she learned about HomeLIFT, a program that provides qualified borrowers with $15,000 to use toward a down payment and closing costs on a home purchase. HomeLIFT is offered in Albuquerque, NM, through a longstanding partnership between Homestart, a division of CDFI Homewise, and Accion, a non-profit organization that supports small business owners.
Lynzie saw the HomeLIFT program as an opportunity to get the money she needed for a down payment and avoid PMI at the same time. With HomeLift’s help she was able to turn her dream of homeownership into a reality.
“There’s a lot of emotion attached to this experience for me,” Lynzie says as she reflects on buying her home. “I’ve been working on this vision of my future for a long time, and it finally feels like everything in my life is coming together. I’ve got a great job with a nonprofit and now I’ve realized my dream of becoming a homeowner because of help from another nonprofit. It feels like a great collaborative circle!”