Two Generations of Home Ownership
Salome Ibañez walked into my office on January 28th and asked to buy our newly renovated house on N. 13th Street. On February 28th he sat down with Mike Stone at the title company, signed closing documents, and took the keys to his new home. Salome took a month to accomplish what most of my clients prepare for over several months or several years.
Salome is the son of a Waco Habitat homeowner on North 15th Street. The ease with which he bought his home is the fruition of the hope that those of us who work as housing advocates long to see come true. We hope that the children of homeowners are more likely to become homeowners themselves, making homeownership an achievement that produces generational stability and wealth for both families and communities.
Salome walked into my office already credit worthy, demonstrating a history of responsible behavior with loan repayment. He had a chosen a house with a sales price that was affordable for his monthly budget, reflecting his willingness to match aspirations to sustainability. Salome’s biggest “problem” was that he and his wife earned too much income to qualify for down payment assistance programs. But of course, Salome was prepared for this hurdle; he and his wife had enough savings to cover the down payment and closing costs on their own.
Throughout Near North Waco, houses built by Waco Habitat for Humanity and Waco Community Development stand side by side. Our two organizations share a dynamic partnership in promoting homeownership and revitalizing neighborhoods. And now there are two generations of our homeowners living a block away from each other, each in their own right making this neighborhood a great place to live!
This week’s ALW blog is by Gabriela Gatlin, Housing Counselor at Waco Community Development Corporation. It was first published in the Waco CDC newsletter. If you are interested in blogging occasionally for Act Locally Waco, please let me know. Email AshleyT@actlocallywaco.org.