Another Purchase-Repair Success Story!
Tom Ryan, a Social Studies teacher at TJ Middle in Frederick, is just one of the twenty-one clients who have happily settled in their new homes thanks to IHA’s Purchase-Repair Homeownership Program in partnership with USDA-Rural Development as the mortgage lender.
In lieu of a down payment, each program participant must invest at least 125 hours of “sweat equity” toward the necessary repairs. This investment of their time adds instant equity, on average just over $9,000 per household, as well as a real sense of pride and ownership in their new home.
IHA teaches the new homeowners how to complete the required repairs and how to contract for repairs best left to the professionals such as electrical, plumbing, and mechanical systems. Learning how to repair and maintain their own home helps to keep the cost of homeownership down in the future.
IHA plans to provide nineteen more homeownership opportunities to low and very low-income households over the next 12 to 18 months. Did you know that in Frederick County a family of three earning $49,150 or less is considered very low income?
The below market rate loans provided by USDA-RD include the cost of the required repairs and have afforded these new homeowners the opportunity to fulfill the ultimate American Dream of owning their very own home for less than what they were paying for rent.
We are delighted to partner with USDA-RD to offer this self-help homeownership option; the only one of its kind in Maryland.
For more information on this program, please visit: www.interfaithhousing.org or call Carol Riggles, IHA’s Homeownership Coordinator, at 301.662.4225 x1209.