When Mid-South Food Bank Receiving Warehouse
Manager Lamar Perry and his wife, Lakeva, purchased a home through United
Housing, Inc., the transaction was an example of how members of Memphis
nonprofits serve each other. The Mid-South Food Bank aids Tennessee, Arkansas and Mississippi, with a network that reaches 4,200 people through churches,
shelters and food pantries.
Last winter, the Perrys enrolled in the
HUD-certified Homebuyer Education class, in order to satisfy the requirements
for their FHA home loan, which they received through Evolve Bank and Trust.
There, they learned about United Housing’s program, the Memphis Shelby County
Helping Homebuyers Program (MSCHHP), which the couple could use to add a down payment
assistance loan to their FHA mortgage. The loan, in the amount of
$14,700, would be forgiven after five years of residence in the home.
Studies have shown that down payment assistance loans are one of the most
effective loans in helping homebuyers bridge the cusp between renting and
homeownership. Borrowing these funds ensured the Perrys could concentrate all of
their purchasing power into the home price of their house of choice.
Becoming homeowners has created opportunities for the Perrys to improve their children’s lives, such as choosing
their neighborhood based on the quality of education provided by area schools and its safety status. The Perrys did plenty of research before choosing their home, utilizing internet queries on the best Memphis-area schools, and finally decided on Bartlett, Tenn. Not only
schools, but neighborhood safety, was an important factor for the Perrys, as the family’s
three children are between the ages of 2 and 8. “We did
it for our kids, because we want them to grow up in a safe neighborhood and
environment,” Lamar says.
The family is also happy to be in a neighborhood
that values neighbors so highly. During the purchasing process, the sellers had
mentioned there were two retired neighbors on their street. After their neighbors welcomed them to the neighborhood, the Perry's continue to receive friendly offers from their neighbors to borrow their tools and to keep an eye on their house.
By using MSCHHP, the couple was
able to choose a house in a safe neighborhood with good neighbors and excellent
schools. This little bit of extra purchasing power went a long way in serving a
homebuyer who is already giving back to the community through his work with
Mid-South Food Bank. “I recommend everybody who’s going to get a
house to use United Housing,” said Perry.
No comments:
Post a Comment