Before & After
Now you know the rest of the story...
Last September we introduced you to a Before/After Des Moines foreclosed property that stuck out like a sore thumb after wonderful neighborhood improvements were made on each side of it by Habitat for Humanity and Anawim near 23rd and Forest. As you’ll recall, HOME, Inc. purchased the property, removed the dilapidated house and went to work building a new home on the lot – which was just completed last month. Now the exciting part, announcing that a family of nine earned the opportunity to buy it and will be moving in this month.
The new, two story four-square home with four bedrooms and two baths was purchased by a Sudanese family with seven children ages 6 months to 8 years old, who have a household income of $43,600. The family has been working with HOME, Inc.’s Homeownership Coordinator since March 2012, during which time the process included:
- Assessing their ability to purchase a home by reviewing their budget, credit report and determining the family’s housing affordability level.
- Developing a plan to help them qualify for a conventional mortgage that included establishing credit, eliminating collections, reducing debt, and increasing their savings.
- Helping the family apply for and secure a mortgage loan while properly terminating their tenancy as renters.
Details & Partnering
The house appraised at $130,000 and the sale price to the family was $105,000. Wells Fargo Foundation, through its Leading the Way Home Grant provided $50,000 for site acquisition. The City of Des Moines provided $25,000 in down payment assistance, HOME, Inc. was responsible for the development and construction, and an Operating and Supportive Service Grant from the Polk County Housing Trust Fund was provided to HOME, Inc.
The family was approved to purchase the home in October 2012, so they were able to pick out floor coverings, counter tops and a few other finishing touches while the home was under construction. Photos of the house can be found HERE.
HOME, Inc. is now moving on to the River Bend Neighborhood where they plan to build modestly priced housing that conforms to the guidelines on of the historic 9th Street Corridor.