Bwana Richard danced with joy after becoming the 22nd new homeowner through our Newberry affordable homeownership program.
“I’m so excited that it doesn’t even feel real yet to me,” said Bwana, 47.
Bwana had been renting the home for about 20 years before closing on it this morning. Her monthly rental payments had been $678. Under the terms of her 15-year home loan, her mortgage payments will be $508 a month.
“I was a little nervous about becoming a homeowner because I know that I’ll be responsible for taking care of everything with the home going forward, but I plan to set aside the $170 I’m saving every month so I can maintain and upgrade my home,” Bwana said.
To help qualify for the mortgage, Bwana received financial and homebuyer counseling at Southwest Solutions.
“The financial counseling raised my credit score by 150 points, and the homebuyer counseling provided useful information that prepared my for having my own home,” Bwana said.
Southwest Solutions is transitioning 60 former rental properties in Newberry to affordable homeownership. Newberry is an 8-block area in Chadsey-Condon in southwest Detroit. Current renters have priority in taking advantage of this opportunity. The Newberry program is supported through a generous donation from the Sam L. and Judith G. Yaker Fund.