SEATTLE, June 20 /PRNewswire-USNewswire/ -- Even when owning a home
seems out of reach, it can become a reality with access to the right
resources. Mark and Jessica Christiansen knew that it would be difficult
for them to buy a home. They walked out of their first homebuyer education
seminar feeling discouraged -- buying a home, especially in Seattle, seemed
unattainable and out of their price range. Afterwards, though, they were
connected with the resources they needed to buy a home. Today, they live in
the two-bedroom town home that they recently bought in North Seattle.
Mark, a production manager for a local toy manufacturer, was concerned
that his $35k annual income would not be enough to purchase a home. Jessica
stays at home with their new baby, and as a single-income family, they had
trouble finding a home they could afford. Their two-bedroom, North Seattle
town home might have been unaffordable if not for the City of Seattle down
payment assistance loan that they got. Luckily, Washington Homeownership
Center connected the Christiansens with Kim Toskey, a loan officer with
Eagle Home Mortgage, who together with Washington Homeownership Center
knows how to get first-time homebuyers the low-interest loans and
assistance programs they need to bridge the affordability gap.
The Christiansens received a loan of $60,000 from the City of Seattle
to help with their down payment. For this loan, the City of Seattle charges
simple interest rather than compound interest, and the Christiansens do not
have to make any payments on it for a number of years. Together with their
$40,000 in savings, this loan made their home purchase possible. They are
now enjoying homeownership, gardening in their small back yard. At 850
square feet, the home is compact, and they would someday like to move into
a larger place, but it is a perfect place to begin their new family.
The Parade of Affordable Homes(SM) event, set to take place next
weekend, June 23-24, is designed for those like the Christiansens who are
contemplating homeownership for the first time. This event is free and open
to the public and organizers hope that participants come away with more
understanding of the home-buying process, and more awareness of some of the
gap financing that is available to many working families. The public is
encouraged to visit the website at http://www.AffordableHomeParade.org to
browse the more than 30 Showcase Homes and plan their personalized tour.
The Parade of Affordable Homes(SM) is taking place in King, Snohomish,
and Pierce counties on June 23 and 24. Event organizers are very pleased
that over 30 builders have joined them in showcasing homes priced from
$160,000 to $350,000 from Tacoma to Everett. The home options vary greatly
and include single-family homes, cottages, condominiums and
condo-conversions. Event organizers have included non-profit developers,
self-help housing projects, and other affordable housing projects along
with traditional premier builders who are offering more affordable homes.
Tour participants will collect "passport" stamps from Showcase Homes in
a "Parade Passport" that can be submitted for a chance at daily drawings
for a $1,000 'New Home Shopping Spree' provided by IKEA. Primary sponsors
for this first annual Parade of Affordable Homes(SM) include Washington
Mutual, KIRO- TV, IKEA, BECU, and AlaskaUSA Mortgage.
Homeownership Fairs in Pierce, King, and Snohomish counties will offer
informational booths and exhibits that will showcase the products, people,
and services that can help first-time homebuyers. In addition to learning
and meeting people that can help at these mini-"home shows," participants
will also be able to attend a one-hour homebuyer orientation that outlines
the home-buying process and available gap financing programs for first-time
homebuyers with less wealth. The goal of the homebuyer orientations is to
demystify the home-buying process for first-time homebuyers so that they
are empowered to learn more about a sometimes complex process. One-stop
shopping experiences like this for homebuyers are usually reserved for the
most upscale of buyers, and this Parade of Affordable Homes(SM) gives those
with less income hope that they too can achieve a bit of the American
dream.
"Washington's homeownership rate is currently only 44th out of 50
states," states Jeff Caden, the Executive Director of Washington
Homeownership Center. "With the high cost of housing in the Puget Sound,
many working families are essentially locked out of homeownership unless
they take advantage of down payment and other gap financing programs. The
goal of the Parade of Affordable Homes(SM) is to provide information to
prospective, lower-income, first-time homebuyers about the available gap
financing programs that may allow them to achieve homeownership. Most
eligible people aren't aware of these programs, and the Parade of
Affordable Homes(SM) event can be critical in spreading the word while
linking them with more affordable housing inventory."
It is hoped that as a result of this event, buyers' perceptions about
their first home will begin to return to that of a modest, yet comfortable,
"starter home" that can be a wonderful start to homeownership. Decades ago,
new homebuyers looked upon their first home as a stepping-stone to larger
homes and greater wealth. According to research done by Washington
Homeownership Center, one of the greatest barriers to homeownership for
first- time buyers is not finding a home that they like. Caden adds, "There
is no doubt that a severe shortage of affordable inventory exists, however,
an added problem is equating one's first home with one's dream home. We
need to reset expectations of first-time homebuyers so they can return to
living within 1200 square feet and within their means."
For more information, visit the event website at
http://www.AffordableHomeParade.org or call 1-866-600-6466.
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