During June's National Homeownership Month, we're celebrating everyone who makes homeownership possible for people in communities across America. We're proud to be part of the industry that helps turn dreams into reality for people like first-time homebuyer Patrick Mineo of Scranton, Pennsylvania.
After finishing his degree in graphic design at Marywood University in 2015, Patrick faced two challenges: finding a job and paying off student debt. He soon found employment in Scranton as a graphic and web designer. He lived in a series of apartments near the college, sometimes renting with roommates, sometimes alone. His goal was to eventually buy a home of his own.
To save money, Patrick moved back in with his parents. Within two years he was able save enough to buy a home. He contacted a friend who is a licensed real estate agent so he could move quickly when the right property came along.
Finding a Home
Patrick wanted to find a property near the local college with extra rooms he could rent to help offset his mortgage payments. In February 2019, a two-story house, just two blocks from the Marywood campus, came on the market in his price range. With his savings and careful planning he qualified for a mortgage and moved in this May, living on the main floor, with one tenant upstairs and two more rooms upstairs available. With the steady stream of students and parents passing by, he's optimistic those rooms will be filled quickly.
For Patrick, location was paramount. However, finding the "right" home for you may mean something different. Consider things like access to public transportation and property type. Would a single-family home better suit your needs or are you looking for a condo with low maintenance? Be sure to talk with your agent about your needs.
Being a Homeowner
At 28, Patrick is ready to enjoy the satisfaction and independence of owning a home of his own, and, of course, the investment in his future.
"When you write a monthly check to a landlord, you end up with zero equity," he says. "Buying allows me to build equity, which will be important if I decide to sell the property sometime in the future."
Throughout the month, we'll share more stories about the people who work to make homeownership possible, including housing counselors, real estate agents, lenders, and Freddie Mac.
For all of us, it's more than just a job, it's our passion.