PrivateMI Gives Renter A Home of Her Own
Desirea, a 31-year-old IT recruiting specialist, purchased the three-bedroom townhouse in Germantown, Maryland several weeks earlier. She had been renting since she moved to the Washington, DC area three years ago. After receiving a promotion and salary increase, she decided the time was right to buy. Though her previous apartment was close to work, it did not have a yard, dishwasher or even air conditioning.
“I moved for more space, better schools and a better neighborhood,” Desirea said. “I wanted to invest in something that was mine, as opposed to paying rent and giving my money away.”
She had not attempted to purchase a home previously because she didn’t know how she would be able to afford it. Desirea qualified for a Montgomery County-based program for first-time home buyers that helped with part of the down payment. The program also taught her how to get a home and how to budget for homeownership. Working with a real estate agent who told her about a loan with a lower down payment using PrivateMI, Desirea began her search.
After looking at about 10 homes, she chose a townhouse located near a tranquil lake. It had an open floor plan, a contemporary look and feel, nice woodwork and ample space. She was so impressed with the design of the stairway the first time she saw the home that she didn’t remember that it was brick, which was something she was looking for.
When Desirea first looked at the townhouse in early July, renters lived there. Not wanting to disrupt their lease, the previous owner did not want to settle until the fall. This was acceptable to Desirea, who had more time to plan redecoration and save additional money for closing.
With a lower down payment and PrivateMI, Desirea found that she could do more with her new home, such as replacing the carpet, installing a tile floor in the kitchen and painting the interior. Not wanting to have guests and no furniture, Desirea also purchased a sofa, chairs, a new guest bedroom set and even a new washer and dryer.
Moving in the Friday before Thanksgiving was hectic. Three sets of contractors – the carpet and tile installers and the painters – were working in the new house and none of the work was completed on time. In fact, the carpet contractors were in her home until 10:00 p.m. the night before Thanksgiving. It was important to Desirea that the house be ready for her dinner guests on Thanksgiving.
Looking back on the experience, she can laugh now and realize that she put too much pressure on herself. Seeing the fruits of her labor, all that she saved up for and dreamed about, gives her a real sense of accomplishment.
“My new home and neighborhood are wonderful,” Desirea said. “My neighbors offer really good advice and help me take care of my lawn. It’s quiet, except for the sound of the geese. I live near a lake, which I can view from my front door. It’s definitely more peaceful than my apartment.”
Having always lived in an urban setting, Desirea enjoys her new neighborhood. The area is friendly, neighborhoodoriented, and diverse, with good schools and a low crime rate.
Though her previous apartment was so close that it could be seen from her office window, she does not mind the 30- minute commute she faces every day on a busy road.
“I look forward to going back home every night,” she said. “I can honestly appreciate paying my mortgage each month. I have my own space and freedom to do what I want to do. I enjoy little things, like turning on air conditioning and having the entire house cool or going in the basement and curling up with a good book by the fireplace.”
Her dog Duke, a 6-year-old chocolate Labrador that she adopted from a rescue group two days after moving in to her new home, shares the townhouse with her and loves the nearby lake where they take walks daily.
“This is really Duke’s house,” laughed Desirea. “I just pay the mortgage.”