September 9, 2019 –
Homewise, which specializes in the affordable-home market, kept building houses right through the recession. “We just had to be really smart and deliberate about it, and understand what was possible;” said the company’s executive director, Mike Loftin. “We are trying to pick up the pace a little bit today because of the housing supply problem.”
In the pre-recession market, Homewise had a goal of providing its clients with 50 houses annually. During the downturn, that mark wasn’t always achieved. “You still had to be careful because people were skittish: when people are afraid about losing their jobs they get more cautious about buying a home. And there was all this misinformation, which there still is, that you need 20 percent for a
down payment, but our typical down payment is as low as 2 percent, and we have home purchase advisors to help you get there.