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From Renting to Owning: Victoria’s Journey to Homeownership with NeighborWorks Montana

By March 11, 2024March 13th, 2024News

The dream of homeownership is a significant milestone for many individuals, representing not only financial security but also a sense of accomplishment and independence. Victoria, a Montana native with a master’s degree and a stable job, recently shared her homeownership journey with NeighborWorks Montana. Her story sheds light on the challenges and triumphs that many face during their journey into homeownership.

Before Victoria purchased her home in December, she was renting with her significant other, sharing the burden of a $1,200 monthly rent. The historic home they were in proved to be costly due to high utility bills, a common issue for most older housing stock. The desire to escape the cycle of paying rent without building equity and the limitations of the rental market fueled Victoria’s decision to pursue homeownership.

Victoria’s motivation extended beyond a mere desire for asset-building. She recognized the importance of keeping an eye on the real estate market, fearing that rising interest rates could make homeownership increasingly unattainable. As if the scarcity of available properties was not challenging enough, cash offers and bidding wars frequently kept homes out of reach. Her realtor played a crucial role in advocating for her, but the challenges persisted, including encounters with sellers unwilling to navigate FHA rules. Throughout the process, Victoria found herself unable to keep up in such a competitive market.

Victoria discovered NWMT through her mother’s recommendation. Initially hesitant due to a busy schedule, she eventually took the Homebuyer Education (HBE) online course before approaching NeighborWorks Montana for guidance on the next steps in her homeownership journey. This crucial step ultimately led her to a place she could call her own.

The joy of homeownership for Victoria reached its peak on the day she received the keys to her new home. The ability to make decisions about her space empowered her with a sense of ownership and control. This newfound autonomy marked a profound shift in her mindset, enabling her to envision a stable future within the comfort of her own four walls.

Owning a home has not only given Victoria financial security and independence, but it has also anchored her to Montana, eliminating the need to consider relocating to afford a home. Victoria emphasizes the importance of the support system provided by NeighborWorks Montana, acknowledging the moments of vulnerability and the reassurance she received during the process.

Victoria’s homeownership journey is a testament to the transformative power of perseverance, support, and taking control of one’s financial future. Her story serves as inspiration for others navigating the challenging path to homeownership, showing that with determination and the right support system, the dream of having a place to call home can become a reality.

More about Homebuyer Education and NWMT Lending:

Homebuyer Education: When you are ready to start looking into buying a home, we encourage you to start by becoming educated about the homebuying process by attending a homebuyer education class and meeting with a housing counselor. Your local housing counselor can help you find and evaluate financing options, as well as set a workable household budget. Click HERE to find a class and housing counselor in your area.

Working with a Lender: When you start meeting with lenders, ask them whether they are familiar with a variety of loans, including NeighborWorks Montana loan products. Your lender can work with our staff to understand the particulars of your situation so we can help find the financing that is right for you. Click HERE for a list of lenders who frequently work with NeighborWorks Montana loan products or ask your lender to give us a call.