Homeownership is probable with Oklahoma Housing Finance Company applications
MOORE — When Marcus Reeves walked into the 2,000-sq.-foot-household with two spacious residing rooms in east Moore, he realized he wanted to generate his family’s next chapter there.
“The to start with point that captivated me was the open up place. This was like Disney Earth in contrast to the previous dwelling,” he reported. “I cherished my aged dwelling, but it was time to shift on.”
Reeves and his spouse, Shaunt’e, acquired their 1st home in 2008 with the assistance of OHFA Homebuyer Down Payment Assistance from the Oklahoma Housing Finance Agency.
After renting an apartment, shopping for the 1,154-sq.-foot property in Del Town available the opportunity to commit in their family’s long run.
“We understood it was not likely to be our eternally household, but we knew it would be an option for us to establish in the direction of that,” Marcus Reeves said. “Help with down payment available the possibility to deliver our vision to lifestyle.”
With a home finance loan payment of just $30 much more than what the couple had been shelling out for hire, getting a house just manufactured perception.
For the future 12 several years, they wrote the very first chapter in their family’s tale. As their little ones, Marcus, 14, and Mariah, 10, acquired more mature, the Reeves family members desired much more house.
The COVID-19 pandemic consistently put all four spouse and children customers and their canine, Rocky, in the house at a single time. Place was restricted.
Previous slide, they established a goal of advertising their property and acquiring a household that better healthy their wants. They reviewed their finances and targeted on buying a home that would even now healthy inside their signifies.
Prior to inserting the residence on the market place, Marcus Reeves labored for two months making updates to it. He installed new flooring, included ceiling enthusiasts, painted walls and designed other updates so they could improve its worth.
The tricky operate paid out off with a bidding war and an approved offer you of 15% earlier mentioned their inquiring selling price.
They employed the sizeable escrow from the sale to fork out down payment and closing expenditures on their new dwelling. OHFA’s Dream ZERO personal loan product or service available a 2.25% curiosity fee, which will help you save them funds around the daily life of the mortgage.
“Down payment support fueled not only a initially dwelling acquire for this family, it also established them up for results when buying their 2nd residence,” explained Deborah Jenkins, OHFA govt director. “We are happy to supply options for purchasers statewide no matter wherever they are in their homeownership journey.”
Understanding that an OHFA product or service could after once more make an effects came as a welcome shock to the Reeves.
“OHFA aided us get our to start with household,” Shaunt’e Reeves reported. “We would not have been equipped to acquire that house with no OHFA. When we moved into this residence, OHFA aided us once more by encouraging us get the decreased desire rate.”
With two living locations, the new household offers a lot of room for buddies and family to stop by. On Friday evenings, they observe videos and participate in game titles in the film space.
Not only has homeownership spurred security and prosperity constructing in their own family, it also encouraged Shaunt’e Reeves’ mother, Deborah Parker, to turn out to be a 1st-time homebuyer.
“I did not know if I could get a house at my age due to the fact I am retired,” Parker claimed. “I see proudly owning a property as an investment decision in myself.”
Shaunt’e Reeves guided her mother via just about every action of the homebuying method, which includes helping her navigate a smartphone and homebuyer instruction lessons held by using Zoom.
“I informed my mom you can continue to make your goals occur legitimate. She generally wanted to own a house. She resolved she was likely to go for it,” she explained.
Parker ordered a home with a down payment support grant from the city of Midwest Town, supplied by OHFA’s Dwelling Financial commitment Partnerships System. She concluded digital homebuyer instruction classes by way of Community Housing Solutions Oklahoma.
Just after renting a space in a property for numerous several years, Parker’s grateful to last but not least have a put to simply call her own.
“I like the house in my home,” she stated. “It has a ton of character.”
Shaunt’e Reeves admits that when she and Marcus acquired their first house, they understood little about the process.
“We had been just children. We would have fallen for anything at all,” she said.
As the very first in their household to purchase a property, homebuyer education and real estate lessons proved to be an eye-opening knowledge.
“I’m coming in with information,” Shaunt’e Reeves stated. “I know the legalities of shopping for a residence, that it is in opposition to the legislation to be steered to a selected space based on the shade of your pores and skin.”
Marcus and Shaunt’e Reeves see proudly owning a house as an instance to their loved ones users that nearly anything is attainable.
“Goals really do not occur out of slender air,” Marcus Reeves explained. “This is a pivotal minute to not only instruct the kids about goal environment, but to show them.”
Go to www.ohfa.org to understand additional about OHFA’s program choices.
