Not long ago a 19 year old young woman approached our developer with the dream of owning a home. Her childhood had been difficult, including stints in foster care. It is outside the norm for someone so young to want to buy a home. Banks usually look at the credit history of a potential mortgage holder. This young woman had only a cell phone account in her credit history. But somehow she had scraped together $10,000 for a down payment.
To make ends meet she worked 2 part time Jobs all the while attending school to complete her education and give herself opportunity in her future. Many families often support younger family members when they purchase their first home, often by providing some down payment help or by cosigning for the mortgage. The foster parents were not in a position to cosign for mortgage financing, but with reference letters from her employers and support from the developer’s staff, she was able to secure a 1st mortgage.
The result was the youngest person to own a home through an HOA supported development. A cando attitude and an opportunity through HOA led this young woman to a hopeful start to her independent life.
