Imagine this scenario…
You’re a young couple with two small kids. One of you works in the home because daycare is so expensive. The other works at a local business. Then, one day, word comes down that the business is closing.
Now, instead of driving a few minutes to work, you have to drive all the way to Lander. You also suffer a pay cut.
On top of that, quality rentals are tough to come by – they’re either snatched up quickly or more expensive than you can afford.
It sounds like an impossible situation, right? Especially for a young family that wants to buy their first home!
This isn’t a fictional story, though. It’s the story of our clients Sierra and Chanse.
Many people in our area doubt their ability to qualify for a mortgage, but it might surprise you how many of those people are successful in getting a loan!
As difficult as it is being a young family with two kids on a limited income, also imagine trying to find a home to buy that’s in a safe neighborhood and that’s large enough for your growing family.
But despite having a few hurdles to jump, Sierra and Chanse made their real estate dreams come thanks to a ton of persistence on their part and some help from Becky at Rural Development (and me too!).
One of the things that worked in this young couple’s favor is the fact that they didn’t have any debt. Because of that, their debt-to-income ratio was excellent, even though they live on a single income.
When Sierra and Chanse first contacted Becky at Rural Development, they looked into the RD Direct program, which is an income-based subsidized loan program that helps people that live in rural areas find affordable, safe housing.
Having no debt helped Sierra and Chanse buy their first home. Minimizing your debts can help you afford a home as well.
And while having no debt is certainly a good thing, Sierra and Chanse also didn’t have much of a credit history. Without a credit history, how could they possibly get a loan?
To show their creditworthiness, Sierra and Chanse had to provide documentation of staying current on past rental payments as well as provide utility bills in their names. Gathering all that information took time and diligence, but with Becky’s help in guiding them through the process of applying for an RD Direct loan and my encouragement to keep up the good work, eventually they got what they wanted…
One day, the news came that they were qualified for a home loan. Even better, they qualified for more than they expected, due in large part to their lack of debt.
I took Sierra and Chanse to view many different homes in Riverton – larger homes and smaller homes and properties in various neighborhoods, all of which had different features that were important to them.
Sierra and Chanse now have a home to call their own where their kids can grow up in a clean, safe home in a great neighborhood.
In the end, they found the home of their dreams in an established neighborhood right here in Riverton, a place where they can “live happily ever after” and watch their two young kids grow up.
But the story of Sierra and Chanse is more common than you might think.
We have tons of clients come to us who are unsure if they can afford to buy a home, only to learn that there are plenty of mortgage programs at their disposal.
In addition to Rural Development, buyers in our area have access to FHA loans, VA loans, and even WCDA loans, which are offered specifically for Wyoming residents. Each program offers different advantages and has different means of making buying a home a greater possibility.
The moral of the story is that you’ll never know if you can buy a home if you don’t try. Ask a realtor. Talk to a local lender. Explore the possibilities. You might be pleasantly surprised and find that a home of your own is very much in your reach!