The down payment assistance loan program creates a route to homeownership for buyers who may otherwise struggle to assemble a competitive down payment in the current market.By providing 0-interest, 0-payment loans, this program is designed to support aspiring homeowners with a specific focus on those at risk of displacement.
“I know for a fact if I were to go to Tacoma or all them other places that they push us out to, I know I would get more bang for my buck. But my daughter and her well-being is my priority.” – Marissa Garrett
Marissa is a social worker at the Department of Social and Health Services in Seattle; she’s also a late-night recreation leader with at-risk youth.
Her favorite role, however, is mom to her young daughter Lena.
Marissa originally began her homeownership journey ten years ago before becoming a mother, but she was also pursuing her MBA, and was too overwhelmed to continue. She restarted her search four years ago, and her biggest priority was ensuring that her daughter would be near a school with adequate resources to address her behavioral needs.
Lena, an exuberant and joyful kindergartener, often needs social and emotional support while in school. As a single mother, Marissa spent hours trying to find a school that was a good fit. And she did. But that school was in Seattle, in a neighborhood that was outside what she thought she could afford.
“When you’re a parent, you make sacrifices. I had to be close to her school because it works, and I don’t want to mess up her routine.”
With this in mind, Marissa began attending first time homebuyers classes where she learned about Byrd Barr Place’s Community Reinvestment Project. She qualified for $50,000 in down payment support, which, along with grants, gave her enough to put an offer down for a home near her daughter’s school.
“When I put my offer in, I was so nervous. My realtor wrote a special letter to convince the seller to accept our offer. She acknowledged my daughter’s challenges, the importance of being at a school that’s significantly helping with those challenges, and how perfect the neighborhood was. At the end of the day they accepted my offer and the rest was a wonderful rollercoaster ride.”
