City celebrates National Homeownership Month

Most Americans consider homeownership the best long-term investment. A principal residence was the most important asset among households of all age groups in 2019. Many homeowners rely on their home equity to fund retirement, their children’s education, and other important needs. .

Yet a home is more than an investment. In good times and bad, the opportunity to own a home has been a cherished ideal and a source of pride, achievement, social stability and peace of mind.

In Housing & Neighborhood Services we promote this idea all year round, but for National Homeownership Month we want to highlight some of our programs that are helping Charlottenburg achieve their dream of buying their own. House.

HouseCharlotte & Community Heroes Support Programs

The HouseCharlotte program offers deferred and repayable loan options for household incomes equal to or less than 80% of the region’s median income. These funds can be used to cover the down payment, closing costs and interest rate redemption.

Aamar Malik, his wife and their three children moved into their four-bedroom home off Statesville Avenue after receiving down payment assistance through HouseCharlotte in June 2019. Buying her home was a dream come true for Malik and another rung on the economic ladder. “I lived here (in Charlotte) for four years, spending $ 1,200 a month on rent, and if you calculate that, I spent almost $ 60,000 a year,” Aamar Malik said. As a homeowner, the purchase allows him to have an investment that he can use to move his family up the economic ladder. “It’s a first step for me,” he said. “This may allow me to relocate to save for the purchase of a larger house in the future.”

Qualified law enforcement officers, public charter school and Kindergarten to Grade 12 employees, paraprofessionals, firefighters, emergency medical technicians, healthcare workers and other workers Essentials are also eligible for down payment assistance through the HouseCharlotte and Community Heroes programs.

Learn more about these
aid programs.

Housing consultancy services

The city offers several housing counseling services, including financial literacy, pre-homeownership counseling, and foreclosure prevention.

Topics covered in these courses include budgeting, credit repair, mortgage approval, help with finding a home, and helping negotiate mortgage terms, purchase price. and the mortgage closing process.

Alease G. attended Pre-Homeownership Consultations three times before buying her home in 2019. She is extremely grateful for the information she received on the entire home buying process. home, from pre-approval to what to do after buying your home.

Previously, her family lived in apartment buildings, which were not always accessible or easy to navigate for her disabled daughter. Now she and her husband own their own ranch-style home and can have wider doors and special lighting to meet their daughter’s needs.

“It’s life changing to be able to own our own home,” said Alease. “Before, when we lived in apartments, the doors were not wide enough, there were stairs to climb. Now we have a place for [our daughter] to be able to grow. And also, now that we have an eight month old son, we have this generational wealth and something that belongs [to us] and can stay with our family. “

“Our mortgage is only $ 100 more than what we were paying in our apartment. $ 100 more, and we have a house that we own,” Alease continued. “It’s more of a responsibility when you own a house. However, the net worth and generational wealth are worth it. “

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About Christopher Easley

Christopher Easley

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