Couple partners with U.S. Bank, NeighborWorks to finance their American Dream home
Not wanting to pay rent without building equity, Jordain and Kong found themselves in the same place as many couples. They were ready to buy their first home but unsure of where to start. Luckily, they had a strong relationship with Minneapolis-based realtor Winona Eichelberger, who they affectionately call “Noni.” She introduced them to U.S. Bank CRA Mortgage Loan Originator Jake Johansen, who provided information on their American Dream loan program which includes options for first-time homebuyers.
“It was the ideal program for us because of its great interest rate and competitive buying power,” Jordain said. “It allowed us to combine a down payment assistance program from U.S. Bank with assistance from an external program, the Community Keys program from NeighborWorks Home Partners, making a purchase even more affordable.”
After developing partnerships with U.S. Bank and NeighborWorks Home Partners, the couple began working with Noni to find their dream home. In the current housing market, the couple struggled to be the first in line to put in an offer on homes they liked. However, one day a charming, white-siding clad Victorian cottage came onto the market.
“The house was quaint, warm, comforting and full of character,” Jordain said. “We wasted no time, and within an hour of seeing it, Noni sent in our offer.”
Noni called the couple to tell them there was another offer on the table, but the seller had asked them to come back with a counter offer.
“We knew we had to be strong in our second offer, so we offered the maximum limit of our loan,” Jordain said. “Although I think the other potential buyer may have offered slightly more than us, the fact that we had the American Dream loan from U.S. Bank, demonstrating our down payment assistance, made our offer ultimately more compelling to the seller than the other buyer’s offer. We were overjoyed.”
Getting settled into their new home, the couple has enjoyed playing in their fenced-in yard with their pup, Bear, and cat, Maru. They are looking forward to entertaining their family and friends for several upcoming holidays and celebratory events.
“For families who are trying to buy their first home – don’t give up!” Jordain said. “The harder you work towards achieving your dream of homeownership, the more you can appreciate and take pride in your first home when you finally reach that goal.”
Johansen says helping families achieve their dreams is his favorite part of his job.
“At U.S. Bank, we believe affordable housing can close the gap between people and possibility,” said Johansen. “It certainly has made a positive difference for Jordain and Kong, and we are thrilled to support them in making their home ownership dreams a reality.”