Sheila Boswell & Russell Back: “We were surrounded by angels.”
Sheila Boswell was surrounded by angels during the entire process of buying her first home. Most of the angels were from her collection of figurines. But Sheila also includes Jackie Easter, Housing Counselor, and other HomeOwnership Center of Greater Dayton staff among her angels.
“It’s more than their job. They really wanted to help me,” said Sheila. “I didn’t understand anything about mortgages before I took classes at the HomeOwnership Center.”
Sheila came to the HomeOwnership Center in March 2005 to get help making her dream of home ownership a reality. She participated in one-on-one counseling as well as Financial Fitness, Homebuyer and Home Maintenance classes. She even convinced her fiancé, Russell Back, to attend classes with her. After 35 hours of education and counseling, Sheila and Russell bought their first home in September.
“I probably would have ended up with a predatory lender if it wasn’t for the HomeOwnership Center,” said Sheila. “My credit had been shot for years. The HomeOwnership Center helped me get my credit in shape so I could get the best financing deal on the house.”
Russell agrees. “There are so many loopholes where lenders can double or triple charge you. We were paying $405 in rent but our mortgage is only $370 per month. I was surprised how much I learned from the classes.”
Dayton’s homeownership rate is just over 53 percent and significantly lags the national average of almost 70 percent. Mortgage foreclosure filing rates in Montgomery County are among the highest in the country. Predatory lending remains a serious issue.
The Home Ownership Center of Greater Dayton (HOCGD) was created and is managed by St. Mary Development Corporation. HOCGD provides counseling and education services to current and potential home owners, including foreclosure prevention, credit counseling and repair, and assistance to victims of predatory lending. It is a chartered member of NeighborWorks®, a nationwide network of more than 243 community development organizations working in more than 4,000 communities across America.
“If you’re going to buy a home, go to the HomeOwnership Center,” said Sheila. “Buying a home is a stressful experience but they help you through the whole process.”
The more you know,
the more you benefit
• Pre-purchase counseling and education reduces mortgage defaults by up to 34 percent. (Freddie Mac)
• A survey of consumer finances found that low-income homeowners had a net worth 12 times that of renters at the same income level. (NeighborWorks)
• The number of consumers who could benefit from homeownership education and counseling is growing at a pace too fast to serve, creating a “counseling gap.” At the current rate, from 2005 to 2025, 15.8 million first-time buyers will go uncounseled. (NeighborWorks)
• Nearly 40 percent of consumers believe lenders are required by law to give borrowers the best possible mortgage rates. That’s not true. But consumers who believe it are unlikely to shop around for the lowest rate. (AARP)
Jackie Easter (left) stands with Sheila Boswell (middle) & Russell Back (right) in the living room of Sheila and Russ’ new home.
We work toward the day when
all residents of southwest Ohio -- especially the economically disadvantaged -- have a decent, affordable
place to live and become part of a thriving community.
