had to finance $118,000 at 6.5% for 30 years, making my payment $1,175 every month,” Borneman explains. “Had I not gotten the $10,000 I would be paying more like $1,400 or $1,500 a month.”
Building a Future
Borneman and her daughters are steadily making their house a home. Elizabeth has painted her bedroom yellow and white, and has sheets and a comforter to match. Victoria, who is partial to pink, has her favorite color plastered everywhere from the flowers on the wall to the canopy above her bed. To help build equity in her 1985 home, Borneman plans to renovate the kitchen, install hardwood floors, screen in the deck, landscape the front and backyard, and replace the front door. Sounds like a long to-do list for a single mother of two, but Borneman is up for the challenge.
As for advice, Borneman says prospective home buyers should first be certain that homeownership is what they really want. Next, develop a plan and put it on paper. Also, take a home buyer education class and see what type of first-time home buyer programs are available in your area.
“Buying a home is not just about homeownership. It’s so much more,” she says. “It’s security. It’s family. It’s wealth. It’s success.”