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March 27, 2020

Making Moves: How This Millennial Achieved Homeownership

A lot of determination, years of planning and a little help from Freddie Mac's first-time homebuyer assistance benefit set Tony on track to buy his first home just three years after he graduated college.

Tony bought his home in the fall of 2019. Nestled in Alexandria, Virginia, the single-family house is his pride and joy — and a project he's excited to get to work on. Tony has plans for renovations, including in the bathrooms and kitchen, before he moves in. For now, he's renting his home to tenants while he saves and prepares for the projects, a plan he's had since deciding to purchase a home.

The Meaning of Home

Tony celebrating closing on his first home!

Tony knew Freddie was his destination ever since he toured the campus his senior year of college, and he's quickly risen through the ranks.

"Freddie was my top choice. The culture seemed like the right fit and the mission motivated me. In fact, the mission is the primary reason I wanted to work here. Every day, I know everything I do plays a part in making home possible for someone," says Tony.

The importance of home is something Tony is now deeply in tune with. His plans for planting a garden and turning the back porch into an outdoor oasis are testaments to his belief that a home is a sanctuary — one that brings peace and comfort.

"The significance of having a home to call your own is something I understand now. It gives me a sense of relief. My home will be my temple. It's like, when you step inside, the stresses of the day melt away. It's incredibly motivating to know I am helping someone somewhere feel that relief," says Tony.

Overcoming the Homebuying Challenge

Buying a home as a millennial in the D.C. area is hard to do given the shortage of supply and high home prices. The deposit required to buy a home, even with low down payment loans, can take a long time to save for. And with millennials paying high dollar for rent in addition to paying off debts like student loans, the barrier to homeownership can stand that much taller.

"That's why the first-time homebuyer benefit is so helpful. It can be really hard to purchase a home without a lot of savings. Just having that little boost to get in the door makes buying a home so much more feasible," says Tony. "I was able do it much sooner than I ever expected."

Freddie Mac's home benefit program offers eligible employees who are looking to buy their first home financial assistance for their home purchase that can be used to help cover expenses such as down payments and closing costs.

"We are proud of our mission to make home possible — and it's important for us to be able to serve that mission within the 'walls' of Freddie Mac by helping to make homeownership a reality for our employees," said Barbara Steacy, senior HR benefits associate.

Inspired by Tony's story? Check out our other benefits, then join Tony in finding your career home at Freddie Mac.