Preparation and PrivateMI: Finding the Home You Want
As a first-time home buyer, 28-year-old Ashley Brown was extraordinarily prepared and knew exactly what he wanted. A design and architecture buff, he specifically was looking to buy a place in a building that had been built before World War II, and he wanted to live in Adams Morgan, one of the most diverse and eclectic neighborhoods in Washington, D.C.
Ashley tackled his home buying quest in a determined fervor. He spent three weeks with his real estate agent looking at apartments for three to four hours on weekdays and all day on weekends. Ashley looked at a staggering 107 places in less than a month. As luck would have it, when he made his first offer, his preparation and determination had paid off. His bid was accepted and he had a loft in a 1927-era building cooperative to call his own.
Ashley largely credits private mortgage insurance (PrivateMI) with helping make his dream of homeownership a reality.
“I could never have bought my house without PrivateMI. I didn’t have $30,000 in the bank to use as a down payment. My mortgage broker recommended that I consider PrivateMI. I had great credit but I was price constrained from an income perspective and everything is so expensive – especially in Washington, D.C.,” says Ashley. “I’m a huge fan of PrivateMI. I’m the PrivateMI poster boy.”
Although his co-op building pre-dates the Great Depression, Ashley says it has all the modern conveniences. His one-bathroom loft is on the top level of the building, and features the original interior design, including the flooring, tile and bathtub/ shower (complete with 360 degree curtain). Ashley has updated the loft with modern recessed lighting, a paint job and some new appliances. Although his loft is relatively small – approximately 475 square feet – Ashley says he would rather sacrifice space in order to have a unique home with character in a great location within walking distance to his office.
A communications consultant, Ashley enjoys decorating and renovating his co-op, building relationships with his neighbors, living in the fun and funky Adams Morgan neighborhood. Ashley’s co-op building has 52 units and houses approximately 60 residents. As the building co-op association president, he says he knows almost everyone in the building.
“I could not have asked for a better community in which to live and I love the fact that I’m able to live in a building that is more than 90 years old, which is rare in America,” says Ashley. “The idea of the cooperative building is that it is very communityspirit driven. The people care about one another. The building has a roof-deck with a community garden that the residents take care of so it’s a great meeting spot. We try to keep residents’ fees low so we do our own gardening and grounds work. The neighbors get along very well. It’s a terrific environment.”
When he relocated to Washington, D.C. from Boston, Ashley lived for approximately 10 months in a row house that had been subdivided into three apartments. He lived on the third floor, which had once been the attic. However, Ashley admits the real benefit to owning his place is the sense of belonging, permanence and financial security. He says he likes knowing that he could live there for the next hundred years and no one could make him move — and he knows he will never again have to face a rent increase.
“I know exactly what my housing costs will be in five years, ten years, or even 15 years because have a thirty-year fixed mortgage,” Ashley says. “I would never be in such a good position without PrivateMI.
In order to climb the ladder of wealth accumulation you have to be able to get on it and if you set the first rung so high that people can never make that leap, then a large number of the population will be left out entirely. PrivateMI made all the difference for me and I know it helps lots of other people.”