HUD's FHA Loans Bolster Homeownership for Low Income Families
Montgomery Housing Authority's Homeownership Program Provides Alternative to Renting
Barbara Barlow describes her path to homeownership as one of the proudest moments of her life. "I was always a hard worker. Raising five children as a single mother, I balanced work and raising my children the best I could. I knew doors would open for me one day."
Those doors opened when she was selected to participate in Montgomery Housing Authority's Housing Choice Voucher (HCV) Program (formerly known as Section 8). With a smile on her face, Barlow recalls when she received a call from the housing authority in 1990, informing her that she had been selected to participate in the HCV program. "I had just been laid off of my job as a service station attendant the month before receiving the call from MHA I was overjoyed. I didn't know how I was going to be able to provide a roof over my family's head. It was a blessing that came at the perfect time."
A few years later, her housing specialist mentioned that she should consider joining the housing authority's homeownership program. It provides pre-homeownership counseling, case management, and a monthly mortgage subsidy to qualified families in the Housing Choice Voucher Program. Barlow had always wanted to be a homeowner. She quickly signed up and began taking pre-homeownership classes at Alabama State University. Her credit was less than stellar but she worked hard to fix it and save money for closing costs. After learning how to budget for repairs, maintain her property, and make the proper investments to build her home's value. Within a year she was ready to buy.
Barbara Barlow has now been a homeowner for 8 years. She considers buying her home one of her greatest achievements. She credits being able to secure an FHA loan as one of the major reasons she was able to buy her home. The lower interest rate and down payment provided through an FHA loan made it manageable for her to buy a home. "I don't know where I would be today if I hadn't taken advantage of the opportunity. I owe sincere thanks to Montgomery Housing Authority, HUD, and any other agency involved in helping me to provide a roof over my family's head."
Michael German, HUD Field Office Director in Alabama, says the transformation made by this family with the assistance of FHA financing as well support from the rental assistance program "is a prime example of why we come to work each day. We are very proud of the Montgomery Housing Authority for the support they provided this hard working family, and we are proud of this family for being willing to put in the hard work and endure the sacrifices it takes to move from assisted housing to homeownership," concluded German.
|Content Archived: January 12, 2016|