Home Ownership At Its Best

Here is a young couple’s story from renting to homeownership. Their experience shows that homeownership is still attainable.

By the Pennsylvania Housing Finance Agency

Millennials take heart. Owning a home is possible. In fact, many families I feel like a lot of people who are renting now don’t realize that they “ Natalie has advice for renters interested in homeownership: “Find one of these courses that you can go to. They make it so much less daunting. By the time we were through the program, we were able today find their monthly mortgage payments are comparable to what they were previously paying in rent. Consider the story of Natalie and Jake Limm, a young couple living in the Harrisburg area. The two had an apartment they rented for $650 a month. Not only was it small, but it was cramping their lifestyle as well. There was no room for them to pursue their hobbies. (Jake likes to work on cars, and Natalie likes crafts and DIY projects.) There was no reserved parking. Plus, if you wanted a pet, there was an extra fee. After two-and-a-half years, they knew they had to move, and they knew they wanted to own their own home. But how to start? Buying a home isn’t something you do every day, and the two needed a mentor to help them get started. That guidance came through free homebuyer classes offered by the Cumberland County Housing and Redevelopment Authorities. The classes were free because the sessions are underwritten by the Pennsylvania Housing Finance Agency (PHFA).* can get a mortgage for to save a decent amount of money

“a similar cost. Find someone who can explain the price breakdown. – not only in [the actual purchase price of] buying our house but also with the costs associated with buying a house.” Another smart move was finding a Realtor® in whom they had confidence and who was a comfortable match as their homebuying guide. Their Realtor® took the time to listen to their list of “wants” for the house and was patient as they went to view multiple listings. The whole process took three to four months, but it concluded when they knew they’d found the right place for them. Today, Natalie and Jake live in a house that perfectly fits their lifestyle. They purchased it when they were just in their mid-20s and now their home perfectly fits their budget. Their home loan perfectly fits their budget, too. It’s from the Pennsylvania Housing Finance Agency.

Natalie has already updated several rooms in the house, including the kitchen, and she’s done the work herself. Jake has also been busy. He’s wired the main rooms in the house so that the Internet is easily accessible. Plus, let’s not forget the garage where he and his friends can work on cars late into the evening, if they wish. Best of all, they were able to adopt a cat, Holly, to join their family.

If you think you can’t afford a house, think again, Natalie says from experience.

“I feel like a lot of people who are renting now don’t realize that they can get a mortgage for a similar cost. Find someone who can explain the price breakdown. Granted, there are different bills, and it depends on your heating and stuff like that. I think people just shy away because they think it’s gonna be way too much when it’s not.”

We help renters become homeowners

Natalie and Jake’s monthly mortgage runs around $900 – that’s $250 more than they were paying for rent. “But so worth it,” she says. “I think our rent payment was maybe getting us the [same amount of space as] the first story of the garage,” she laughs. “And so to have more comfortable living space, as well as more room to work in a quiet neighborhood – it was a huge trade up."

www.PHFA.org | 1-855-U-Are-Home (827-3466)

Tom Wolf, Governor | Robin Wiessmann, Executive Director & CEO The Pennsylvania Housing Finance Agency has been helping homebuyers with affordable home loans since 1982. Learn more on their website at www.PHFA.org.

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