Buying a house is a big endeavor and can be daunting and overwhelming, but thankfully, we have the HomesFund. A non-profit focused on helping families achieve their dreams of homeownership in southwest Colorado.
HomesFund was created in 2008 by the Regional Housing Alliance (RHA). In 2012, HomesFund separated from the RHA and became a Community Development Finance Institute (CDFI), allowing HomesFund to ask for loan capital from state and federal sources.
Pam Moore has been with HomesFund since the beginning, serving as the Deputy Director for 13 years before becoming Executive Director last April. She has seen a lot of change throughout the years, but the mission has always been the same, to prepare people for the homebuying process equipping them with tools to best succeed.
The first step and tool is HomesFund’s home-buying education class. Offered once a month, the class covers everything in the home buying process including, financial management, pros and cons of renting vs buying a home, homeowners’ insurance, and credit reports. Guest speakers such as realtor partners, mortgage lenders, and home inspectors talk about their part in the homebuying process. The class is designed to help potential homebuyers determine if they are ready for homeownership and what their next steps are in their journey.
HomesFund also offers one-on-one financial counseling, a fantastic resource assessing personal finance, budgeting, and adjustments, further preparing you to get approved for your first mortgage. “It [helped] me get on track with where I need to with my finances,” said Cydney Distin. Distin is a first-time homeowner and recently closed on her home in late January.
She loved working with HomesFund and found their education model extremely informative. She also felt immense support from Pam and the HomesFund staff, and truly felt that they wanted her to succeed. Distin said, “They helped me get into a position where I am very comfortable and confident going into [the future].”
A popular program the HomesFund offers is the shared appreciation mortgage. When considering this loan, think of HomesFund as a co-investor in your property. They will provide loan assistance with no monthly payments, and in return, they ask that you repay the loan amount in 30 years, at the time of resale or transfer of the home, or if the home is no longer a primary residence. This atop the grants and loans the homebuyer qualifies for, helps lower the monthly mortgage payment. HomesFund is also well known for their ability to stack these loans and grants getting the best deal possible for their clients.
Ryan Champion, a local mortgage lender working from Maverick Capital Lending, helped Distin work through most of the paperwork and answered any questions she had along the way. Champion has helped four families purchase their homes using the shared appreciation loan and speaks highly of it, stating, “It's a game changer, it’s the one you want.”
“They were able to make magic happen for me, and I can’t express how grateful and fortunate I am to be involved with them,” said Distin. There are many people like Distin, who have always dreamed of homeownership but did not think it was in their cards. Homesfund is here to prove that you can achieve this dream, supporting you every step of the way. To learn more about the shared appreciation loan and other programs HomesFund offers visit their website at, www.homesfund.org.
Focused specifically on helping people in our region, Homesfund works with clients to find them the best deal. Since 2012, they have helped 443 families buy a home.