WHEDA Financing Helps New Homeowner Say Farewell to Renting
Homebuying can sound like a big step to take after being accustomed to renting. For years, Latonia, a substitute teacher, felt that renting was the best option to fit her single housing budget needs. However, in 2019, the encouragement of Latonia's friends and family made her realize that turning monthly rent into a down payment was a no-brainer.
After making the decision to start the process of homeownership, Latonia was fast to move on finding the place that was right for her. With the help of a community financial adviser, homebuyer education classes, and WHEDA’s single family mortgage products, she was able to call her very own place home within six months of starting the homebuying process. Because of WHEDA financing, which includes First Mortgage and Down Payment Assistance programs, Latonia only had to pay $100 out-of-pocket for closing costs.
Latonia is confident in the choice she made to purchase her own home. Not only did she realize a savings of $300 per month on housing costs, but also noted that, "homebuying empowers you, and … it teaches you the value of a dollar.” Latonia's friends are now looking to her for guidance and expertise on homebuying as they witnessed her fast, easy, and rewarding success.