Home News How a Gen Zer Used a First-Time-Homebuyers Loan to Buy a Condo

How a Gen Zer Used a First-Time-Homebuyers Loan to Buy a Condo

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  • Elizabeth Willard is Genzel, who became a homeowner without the help of her spouse and roommates.
  • Willard used the state’s first homebuyer program to buy a mortgage to buy a home.
  • Her story reminds us that Gen Z homebuyers still have hope.

When 22-year-old Elizabeth Willard was overpriced for three consecutive home offers, computer engineers knew they needed to give something. She wanted to stay within the $ 350,000 budget, so she knew it wasn’t her purse.

“I made about three offers, surpassing the demands of a few to a few dollars, but still being overpriced by those who pay in cash,” Willard said.

Originally from Portland, Maine, she heard about a program that would allow her to embark on a home-buying journey.She found more than that — with her first homebuyer loan program New housing development It was aimed at providing affordable housing options to homebuyers like her.

“Since then, I’ve been very lucky,” she said. “I don’t know what to do. I was lucky.”

For many first-time homebuyers — especially Gen Z — It’s difficult to get home ownership. Willard is employed in a high-paying industry and has a larger budget than most Americans of his age, but finding an affordable home remains a challenge.Median Home Prices in Willard Sitting on top At $ 470,000, it is even higher than the national median of $ 430,000.

The rise in house prices Be late In other pockets of Maine and the country, many buyers are still Price cut Market and mortgage rates On an upward trend.. Programs like those that helped Willard can give buyers a better chance of acquiring home ownership.

“There are first-time homebuyer programs, and they are designed to help anyone who wants to buy a home,” she said. “We hope that more states will adopt these programs and be more universal.”

“Stars line up” in the dark for affordable housing

Willard knew that he needed financial support to buy a home. She hadn’t received nest eggs from her parents and wasn’t thinking about buying them with her partner or hiring her roommates.

After digging in, she came across her first homebuyer program. finished Maine Housing Corporation.When she was awarded a $ 5,000 state grant and received 5% approval


down payment

She turned to a labor housing development called Goodwin.

This development boasts 23 one-bedroom and two-bedroom units capped at a price of $ 300,000. To be approved for Goodwin’s affordable housing unit, you must earn less than 120% of the median income of the state.

Willard was afraid that his salary would exceed Portland’s salary. Median income For $ 61,695. This presented her with a conundrum: what if she was considered too wealthy to live in Goodwin, but still couldn’t afford other developments in her city? ??

“The fact that I somehow had to make enough money to qualify for a loan, but also had to go below certain income limits,” she said. .. “For most people it will be very difficult. You will have to have some generation of wealth.”

Finally, she received some good news: she was eligible to become a resident of Goodwin. With the help of the Maine Housing Corporation, Willard is now $ 260,000 to owners of 616 square feet, one bedroom, one bathroom units.

“I barely achieved it below the median income in Portland,” she said. “The stars are aligned.” After completing a course with the Main Housing Corporation on home ownership, Willard has her first homebuyer loan, a $ 5,000 grant to support a down payment, and much more of a mortgage. Approved for low interest rates.

First-time homebuyers programs are even more valuable than they can afford

Affordable housing Decline During a pandemic, for almost every American, no generation has reached a worse time than Gen Z.Point2, a real estate database, has demographics well experienced The most challenge to owning a home.

A study that calculates how much Americans can afford down payment Assuming homebuyers want to spend less than 30% of their income on homes in the country’s largest 100 county homes, it turns out that the Zers generation can’t afford mid-priced homes in almost every market. rice field.

“From $ 1 million to just over $ 40,000, Gen Z’s real home-to-house price difference opens up a less figurative cliff between young people and their dream of owning a home.” The researchers are writing.

First-time homebuyers programs are more important than ever, as affordable homes are barely affordable for Gen Z. Throughout the United States many Financial support programs help these buyers in different demographic groups, careers, or geographic locations realize their homeownership dreams. Willard’s ability to find a program that suits her financial needs reminds young buyers that they don’t have to pursue home ownership on their own.

If nothing else, it’s a sign that there is still hope.

“There were certainly a lot of moments when I made an offer, and the next day I got a call, but it wasn’t accepted and it was very heartbreaking,” she said. “But look at what your city or state must offer homebuyers for the first time.”

It worked for Willard — and maybe it also works for you.

If you are a homeowner, future buyer, or renter talking about today’s home market, contact this reporter at [email protected]

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