…we got the help we needed to make it work, and we are here now!
Owning a home had always been out of reach for Jesus and Teresa, who have worked hard to provide for their family since coming to California from Mexico in the 1980s. But with the drop in home prices in 2008, they began building their savings to purchase a home.
“The condition of the houses we saw was poor and we didn’t have extra money to do repairs,” says Teresa. So when they saw a “For Sale” sign in their Richmond neighborhood for a home recently rehabbed by Self-Help Economic Development, a community development nonprofit, they made an offer.
Through a pilot homeownership program developed by the East Bay Community Foundation, Self-Help had purchased and rehabbed the property. Our homebuyer education partner, Community Housing Development Corporation, helped Jesus and Teresa access down-payment assistance to match their own savings. Self-Help worked with the mortgage lender to structure a loan, and Teresa and Jesus closed on their new home in May, 2011. They’ve moved into their new home, where their monthly housing cost is $300 less than their former rental. As Teresa puts it: “This was a great opportunity for us. We didn’t know anything about the process, but we got the help we needed to make it work, and we are here now!”