Senior Living
Elsie Washington credits the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program in Rockdale County for providing the education and financial assistance to help her buy a home.
The NSP purchases foreclosed homes, makes repairs and sells them to buyers who have completed homebuyer education, received counseling from an HUD-approved agency and have earnest money. After the yearlong process, Washington received $14,500 from the NSP toward the down payment and 5 percent in closing costs for the home, which cost $112,000.
Washington, 59, chatted about her Conyers home, which had new paint, carpet, doors, plumbing fixtures, light fixtures, electrical outlets, windows, an HVAC unit, and kitchen cabinets, countertops and appliances.
Q: What was the state of the home you purchased when you first saw it?
A: This house was abandoned. It needed work. Jewel of the South (an asset management firm contracted with the Rockdale County NSP to acquire and renovate homes) showed me the house. I got to see the beginning of it and see the transformation. It was awesome to see them start from scratch with the repairs. Jewel of the South (she worked with agent Carisa Shannon) revitalized it. As a matter of a fact, it was a lot more than I expected. It’s almost like new.
Q: What did you love about the home?
A: I love the fact that I have a porch and a deck wrapped around the back of my house. It has a two-car garage and a patio. It’s a lot of land (the home is on more than half an acre). My granddaughter and two great grandchildren love the house. They always want to go outside with my daughter and sit on the patio and sit around the deck. It has a nice sized kitchen, and we have a dining room that sits off by itself.
Q: How are your monthly expenses different from the apartment where you were previously living?
A: It is cheaper than the apartment. The apartment was $850 a month. Now the house itself is a little cheaper than the apartment, and it’s mine.
Q: How did the NSP program teach you to manage your finances?
A: I budget. That’s a different thing. I help my daughter manage a budget. That is definitely important to keep ahead of everything.
Q: What tips would you give other buyers, even senior adults?
A: Start cleaning up your credit. My credit score was in the 600s. I had to build it up. The key to that is just paying everything on time. You definitely have to cut back. For me, it was clothes and shoes.
At a Glance
Elsie Washington’s home, built in 1987 in Conyers’ Laurel Woods neighborhood, has four bedrooms, two-and-a-half baths and about 1,880 square feet. She purchased it in February. Homes in the neighborhood are listed from $53,000-$111,000.
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