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Affordable Mortgage = Staying Power
Melanie E. is an inspiration to all of us. In an era of debt, Melanie rebuilt her credit and saved a down payment towards buying her first home. She was able to do this with the assistance of the Countywide Homebuyer Assistance Program (http://www.racw.net/programs.jsp?pageId=2161392210281129744363733), administered by the Redevelopment Authority of the County of Washington and funded in part of HUD HOME program funds. Melanie is a single mother of three and a waitress at a local restaurant. She had to work hard to prove her creditworthiness before being approved for a home she could afford. Assistance program approval allowed Melanie to borrow as much as $80,000, but Melanie's challenge was to find a home whose mortgage would match her current rent payments. The rehabilitation portion of the assistance program allowed for a new roof and needed electrical upgrades. HUD Community Development Block Grant (CDBG) program funds of $13,484 for down payment assistance and $23,000 in assistance program funds for home rehabilitation made Melanie's dream of owning her own home a reality. Because she has an affordable mortgage payment, Melanie's family has been able to thrive in their new home and neighborhood. Our best wishes to Melanie and her family. ### |
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Content Archived: February 14, 2014 | |
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