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Real Life Stories
 Profile: A WISH Fulfilled
Product: The family received a $15,000 WISH grant through Gateway Bank
Partners: Gateway Bank, First Home Inc., Contra Costa County
When the Walz-Smith family first moved into their Bay Point neighborhood, some of the “neighbors” took some getting used to. “There are cows up the street,” says Maria Walz-Smith with an air of mild disbelief. “There are also peacocks and some wild stallions,” says Richard Walz-Smith with a certain sense of amusement. “We’re in the country,” says Maria, clearly content in her surroundings.
It’s not quite the country, but for the proud owners of a three-bedroom, two-and-a-half-bath, 1,580-square-foot home, it’s a welcome change from the San Francisco home they had inhabited for 12 years. On the eve of their 10th wedding anniversary they learned that their landlord would be moving back into the two-bedroom home they were renting. “We had lived there forever, so we weren’t really sure what to do,” says Maria. The couple decided that the time was right to pursue homeownership, and since they loved the neighborhood they lived in, that’s where they started their search. “At the time, the asking price for a one-bedroom home in the area was around $695,000,” says Richard. Neither the asking price nor the size would work for the couple and their two sons, Harrison and Kyle.
The couple decided to search for a home in the neighboring city of Oakland. After looking at several homes they liked, they bid on the perfect three-bedroom home but were outbid by more than $100,000. “We were a little discouraged at that point,” says Maria. Given that Richard was already commuting 25 miles each way to work at a software firm in Redwood Shores and Maria was working at a hotel in San Francisco, they didn’t want to move too much further out. “But we realized we had to be flexible and creative,” says Richard. So, they decided to cast a wider net in hunting for a home. Through a diligent Internet search, they found their current home. The house was listed for $360,000, which was close to their price range, so they attended an open house. “We fell in love with it,” says Maria. They decided they wanted the house and sat down to figure out how to make it work, both financially and logistically. They quickly realized they needed help to make the house affordable. The Walz-Smith’s were able to get $25,000 from Contra Costa County’s Mortgage Credit Certificate Program and an additional $60,000 subsidy through the county’s program for below market-rate homes.
But commuting to work from Bay Point was another stumbling block. To ease the strain of a commute that would be more than 120 miles roundtrip, Richard decided to move to a position in the company that offered earlier hours, virtually eliminating traffic from his commute. The couple didn’t feel that it was feasible for Maria to commute nearly 100 miles roundtrip any more than three days per week. But, in order for her to switch to a part-time schedule and still afford the mortgage on the home, the family needed approximately $15,000 to $20,000 more in assistance.
That’s where the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership (WISH) Program came into play. The couple heard about WISH through Gateway Bank and First Home, Inc. The program provides grants through Bank members to help qualified homebuyers purchase homes in high-cost areas. The Bank provides up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of a home. Participants must use funds from a mortgage assistance program administered by a public or private entity and complete homebuyer counseling. The household income must be 80% or less of the U.S. Department of Housing and Urban Development area median income, and the homebuyers must contribute at least 1% of the purchase price from their own funds.
The Walz-Smiths met all the requirements, and the $15,000 WISH grant was the final piece of the puzzle. “It’s been good,” says Maria of their time in their new home. “We’re very fortunate.”
October 2005
Back to Real Life Stories
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|
|
|
|
|
Real Life Stories
Profile: A WISH Fulfilled
Product: The family received a $15,000 WISH grant through Gateway Bank
Partners: Gateway Bank, First Home Inc., Contra Costa County
When the Walz-Smith family first moved into their Bay Point neighborhood, some of the “neighbors” took some getting used to. “There are cows up the street,” says Maria Walz-Smith with an air of mild disbelief. “There are also peacocks and some wild stallions,” says Richard Walz-Smith with a certain sense of amusement. “We’re in the country,” says Maria, clearly content in her surroundings.
It’s not quite the country, but for the proud owners of a three-bedroom, two-and-a-half-bath, 1,580-square-foot home, it’s a welcome change from the San Francisco home they had inhabited for 12 years. On the eve of their 10th wedding anniversary they learned that their landlord would be moving back into the two-bedroom home they were renting. “We had lived there forever, so we weren’t really sure what to do,” says Maria. The couple decided that the time was right to pursue homeownership, and since they loved the neighborhood they lived in, that’s where they started their search. “At the time, the asking price for a one-bedroom home in the area was around $695,000,” says Richard. Neither the asking price nor the size would work for the couple and their two sons, Harrison and Kyle.
The couple decided to search for a home in the neighboring city of Oakland. After looking at several homes they liked, they bid on the perfect three-bedroom home but were outbid by more than $100,000. “We were a little discouraged at that point,” says Maria. Given that Richard was already commuting 25 miles each way to work at a software firm in Redwood Shores and Maria was working at a hotel in San Francisco, they didn’t want to move too much further out. “But we realized we had to be flexible and creative,” says Richard. So, they decided to cast a wider net in hunting for a home. Through a diligent Internet search, they found their current home. The house was listed for $360,000, which was close to their price range, so they attended an open house. “We fell in love with it,” says Maria. They decided they wanted the house and sat down to figure out how to make it work, both financially and logistically. They quickly realized they needed help to make the house affordable. The Walz-Smith’s were able to get $25,000 from Contra Costa County’s Mortgage Credit Certificate Program and an additional $60,000 subsidy through the county’s program for below market-rate homes.
But commuting to work from Bay Point was another stumbling block. To ease the strain of a commute that would be more than 120 miles roundtrip, Richard decided to move to a position in the company that offered earlier hours, virtually eliminating traffic from his commute. The couple didn’t feel that it was feasible for Maria to commute nearly 100 miles roundtrip any more than three days per week. But, in order for her to switch to a part-time schedule and still afford the mortgage on the home, the family needed approximately $15,000 to $20,000 more in assistance.
That’s where the Federal Home Loan Bank of San Francisco’s Workforce Initiative Subsidy for Homeownership (WISH) Program came into play. The couple heard about WISH through Gateway Bank and First Home, Inc. The program provides grants through Bank members to help qualified homebuyers purchase homes in high-cost areas. The Bank provides up to $15,000 per household, matching up to $3 for every dollar contributed by the homeowner toward the purchase of a home. Participants must use funds from a mortgage assistance program administered by a public or private entity and complete homebuyer counseling. The household income must be 80% or less of the U.S. Department of Housing and Urban Development area median income, and the homebuyers must contribute at least 1% of the purchase price from their own funds.
The Walz-Smiths met all the requirements, and the $15,000 WISH grant was the final piece of the puzzle. “It’s been good,” says Maria of their time in their new home. “We’re very fortunate.”
October 2005
Back to Real Life Stories
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