In August of 2021 a single mother of two young daughters approached R.E.A.C.H. and stated the unit she was renting for 5 years was being sold. She was desperate as a she had searched everywhere for a rental match of $1,250 and found none. R.E.A.C.H. called the Canadian Landlord and discovered the purchase price to be $114,900. At that time, with housing counseling, the young woman decided to try to purchase. R.E.A.C.H. assisted with the for sale by owner contract (working closely with the landlord and the tenant) and Guardian Financial Network ( a nonprofit lender) began working with the buyer. Packages were submitted to Broward County for assistance and the buyer was given a $40,000 subsidy. As time passed, the condo was discovered to have a lien that needed to be cleared. This was time consuming and although the buyer was quickly approved, the condo was not. Finally, after clearing the lien, Broward County had only $20,000 to assist the buyer. Guardian closed the loan at 2.875% rate, with a $20,000 grant from Broward County. A rental payment of $1,250 turned into a purchase payment of $986 (PITI). Stability was created for a young single mother and her two children. She was profoundly grateful for the assistance from counseling to contract assistance, Grants and loan.
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