Like many first-time homebuyers, Carey Louis had plenty of requirements for her perfect house. But with her salary as a first grade teacher at Welcome Elementary, she also needed to find something affordable. So she looked at hundreds of places before she found the right one. Though Louis stayed within her budget, she had no idea that closing costs would be so much.
Thankfully, her broker advised her to apply for the Greenville Housing Fundís Homes for Teachers assistance. The forgivable loan matched her down payment costs for a total of $5000. The loans now max at $3000.
With extra money to put toward closing, Louis was able to renovate the entire place. To save even more, she did most of the work herself.
Deborah McKetty, executive director of the Greenville Housing Fund says that many people donít know about the program and how itís helped so many. To date, Homes for Teachers has given assistance to 31 teachers, and seven more await approval. With over $4 million in total home sales, McKetty points out, ďThis has not only helped teachers, but has had a significant economic impact on our community.Ē
In a soft market, this is just the boost lenders, realtors, and closing attorneys hope for. In Carey Louisí case, appliance retailers and paint and flooring suppliers, have also enjoyed the benefits of the trickle-down effect.
Another thing most people donít know is how the Community Foundation has supported this initiative. Over the past two years, Homes for Teachers has received $250,000 from the Community Foundation, making dreams of homeownership a reality.