COUNSELING CLIENT SUCCESS STORY

Ms. E* is a Johns Hopkins employee who earns roughly $40,000 a year. When Jared, a Southeast CDC housing counselor, first met with her in July 2022, her lease was a few months from ending and she wanted to buy her first home soon. She had a solid credit score but $3,500 saved and had a lot of questions about the homebuying process.

She had been pre-approved by two different lenders for $175,000 and $190,000, but wasn’t sure if that would be affordable for her. Jared worked with Ms. E to create a sustainable budget and action plan. After he walked her through each Baltimore City homebuyer incentive and how she could stack several incentives, she realized just how much assistance was available. Ms. E had two meetings and numerous phone calls with her housing counselor until she felt confident enough to place offers on homes. Within a month she had signed a contract on a home, working quickly with her housing counselor to complete all the incentive applications that she qualified for.

Ms. E received $35,000 in downpayment and closing cost assistance, including Johns Hopkins Live Near Your Work, Vacants to Value, Impact Investment Areas, and the First Time Homebuyer Incentive Program to decrease the loan she needed to just $137,000. Her monthly mortgage is now less than her rent and she lives within biking distance to work.

*Names changed for privacy.