Retiree Goes From Disgruntled Renter to ‘At Peace’ Homeowner
Jerry first came to New Mexico 20 years ago, but moved his family to Seattle in 2008 to pursue job and education opportunities. When he was ready to retire last year, he decided to come back to live in Albuquerque. “Seattle is a nice city, but the cost of living had become too high,” he said. In addition, Jerry was disillusioned with renting. He was tired of moving from place-to-place, tired of apartment managers who did not advocate on behalf of the tenants, and tired of the financial instability due to constant rent increases. Jerry made up his mind that he wanted to become a homeowner so he could have more financial independence and peace of mind.
When he moved to Albuquerque in 2023, Jerry did not want to get locked into another rental lease, so he stayed at a local shelter during the interim to save money for a home purchase. He immediately got to work researching online for organizations that could provide help finding housing opportunities within his limited budget. He found Homewise on the U.S. Department of Housing and Urban Development (HUD) website and noted that HUD had given the nonprofit a high rating. He decided to check Homewise out for himself and stopped by one day without an appointment. Jerry was introduced to Lee, a Home Purchase Advisor. “I told Lee that I wanted to buy a home, and right away he started taking down my information and getting me set up as a client,” Jerry recalled. “I was so impressed by that, I knew I had found the right place to work with.” While working with Lee to get his finances in order, Jerry also took advantage of free Homebuyer Education classes provided by Homewise.
When Jerry was ready to start looking for a home, he worked with Ambrose, a Homewise Realtor.® “Ambrose is a dynamo,” shared Jerry, who appreciated Ambrose’s easygoing nature, generosity and helpfulness. Jerry qualified for significant down payment assistance through funds provided by the City of Albuquerque, and also had $10k of his own money to put down. “We could have structured the loan with a smaller down payment contribution from Jerry,” Ambrose pointed out, “but it was important to him to keep the monthly payments low by having a larger down payment amount.” Jerry also had $1,100 in reserve to cover the costs for a home appraisal and inspection.
Ambrose told Jerry about Homewise’s home purchase and renovation program whereby Homewise buys old, abandoned homes, does a complete remodel with energy-efficient updates, and sells the homes to modest-income clients. Jerry went to see one home—a 622 s.f. adobe built in 1921—prior to the remodel and almost walked away because it was in such bad shape. “The house was structurally unsound and the floors were not level,” said Eugene Chavez, Real Estate Development Construction Director at Homewise. “We had to re-frame it and put in all new flooring.” Once the remodel was complete, however, Jerry did not hesitate to move forward with the purchase; he felt they did a “great job” and was especially happy to see the new mini splits that provide both heat and air conditioning.
Nine months after moving to Albuquerque, Jerry is now happily settling into his new home with his youngest son Brandon, who has an intellectual disability. He says that he is taking one day at a time when it comes to transitioning into homeownership. Ambrose continues to actively participate in Jerry’s transition, and was able to connect him with several Homewise clients who had spare furniture to give away. When Jerry hired a carpenter to install a gutter and fix a leaky roof on his storage shed, he was thankful to learn that the materials for the job had been donated by All Weather Roofing. He also paid the carpenter to do several other jobs around the house.
Jerry says he now feels the peace of mind he was hoping for and is grateful for being able to achieve this important goal.
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