Phyllis’ Story: “Phyllis was 60 years old when she came back to Great Falls to be near her children. She had suffered a severe head injury in a fall down a flight of stairs and would never work again. She visited a real estate professional friend, looking for an apartment. The real estate professional suggested that she look at buying a home, using a special loan program available for persons with disabilities. Just a few months later, Phyllis moved into her new home. The loan for down payment and closing costs from NeighborWorks Great Falls allowed her to become a homeowner for the first time in her life.”
Owning a home allows families to build wealth. Homeowning families are more stable and have greater assets than renting families. Annually, NeighborWorks Great Falls offers approximately ten homes for sale. Most of the homes are newly constructed in the older parts of the city. Some are major renovations of older homes. Some homes are handicapped accessible.
These homes are listed for sale at appraised value and sold through a selection system to HomeBuyer Education graduates, approximately four times a year.
To purchase an NWGF home, buyers must complete a full home buyer education course. Once graduated the potential homebuyer qualifies for a first mortgage at any participating lender and writes a one-page letter to the NWGF Selection Committee detailing their need for the home. NWGF is able to offer silent second mortgages available to make the houses affordable. A silent second means the homebuyer has a no-interest, no-payment mortgage that is not due until the home is sold, is no longer the primary residence upon the death of the homeowner.
The Selection Committee assesses hardship, achievement, credit, and need in selecting the buyers for each home. NWGF has constructed and renovated more than 150 homes in Great Falls – all of which were purchased by low and moderate income homebuyers.
