Dream of Homeownership is a Reality, Despite Tough Housing Market

Kathleen Espinoza just realized a big goal by becoming a first-time homebuyer.  Not an easy task in a challenging housing market.  But Kathleen found a support team through a partnership between WEOKIE Federal Credit Union and nonprofit community development agency Neighborhood Housing Services Oklahoma (NHSOKLA).

Kathleen is the first person to utilize WEOKIE’S HomePath first-time homebuyer program, which is designed to assist low-to-moderate income borrowers with a grant to cover the down payment with a mortgage loan option that eliminates the need for costly private mortgage insurance (PMI) to be added to the monthly payment – making the dream of homeownership an affordable reality. The program provides modest-income first-time homebuyers with an affordable mortgage option, down payment assistance and expert housing guidance.

A down payment is a big hurdle for most Americans, and the added expense of private mortgage insurance (PMI) can make owning a home almost impossible.  “I had been wanting to be a homeowner for over two years,” Espinoza said. “I had been working on my finances and getting my credit in place.  My biggest challenge was saving for the down payment because things would come along and dig into my savings.”

Espinoza said that after going through the HomePath program she felt empowered with the knowledge she needed during the homebuying process.  “On closing day, I was nervous, but it was an excited nervousness. Because of the homebuyer education counseling, I felt confident that I knew and understood the process when we were going through all the documents.”

The new HomePath program is designed to help those who can’t afford a down payment or the added expense of a PMI and to educate them about the homebuying process.

  • Available to all eligible borrowers; there are no area or county restrictions
  • The subject property can be located anywhere in Oklahoma
  • Down Payment Assistance – WEOKIE will provide a grant (not a loan) up to $6,000*
  • No PMI Requirement – Our program eliminates the need for Private Mortgage Insurance (PMI) to be added to your monthly mortgage payment – saving you hundreds of dollars each month
  • Pre and Post-Purchase Housing Counseling and Education courses are required
  • Mortgage payments are comparable with existing rent payments – often lower

“WEOKIE really communicated well with me during the process.  They responded to me quickly.  At NHSOKLA, someone would always have the answer to my question.  I felt like I had people by my side,” she said.