It's OK to Feel Good. It's About HomeOwnership

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 I tell you, I feel great! This was a really fun month for me. Not because it was the most profitable financially but it wasn't bad. Nah, I feel great because I helped 5 families become homeowner's for the first time. This is why I went into the mortgage business 11 years ago. If you will indulge me a minute, I'd like to introduce you to one family I helped this month.

I introduce to you Okoro & Josephine and their 4 children who are now proud homeowner's in Plano, TX.

Say Hi!

Okoro called me back in November because he and Josephine had been approved by the suburban city of Plano, TX (just north of Dallas) for a grant to for first-time home buyers. Furthermore, they were looking at a home being renovated near old town Plano by a group called the Plano Housing Commission. The city had obtained a grant from the Department of Housing and Urban Development (HUD) to purchase and rehabilitate a 2,000 square foot home and re-sell it to a city resident who qualified as a first-time homebuyer.

Okoro and Josephine came to America 4 years ago from Nigeria and are both United States Citizens as are their 4 children. Okoro works in a hospital while studying for a divinity degree at night school. It is his hope to become a minister. Josephine is attending community college towards a degree as well. Their 4 children are all under 10 years of age.

Okoro and Josephine started the application process with me which included a home buyer education seminar. They gave me their paperwork and while we waited for the home renovations to be complete, we put together a loan for them to purchase the home.

The house was sold to them for $140,000 and they received a loan for $100,000 at 5.75% fixed for 30 years from Bank of America, my company. The city of Plano gave them a grant for $39,500 which they don't have to repay if they stay in the home for 5 years. The Plano Housing Corporation then gave them an additional $4,500 grant to pay all closing costs involved in financing the purchase.

So Okoro and Josephine moved into their home 2 weeks ago having paid $500 TOTAL! The final real estate appraisal was for $152,000 so they start off with over $12,000 in equity NOW and after 5 years will have over $55,000 in equity on their first home purchase. WOW!

The day after they closed on the purchase, Okoro called me at work.

"Ken, I just wanted to say thank you."

"You're welcome, Okoro"

"What do we do now?", he said.

We had talked several times weekly over 4 months and despite assurances he still thought something would go wrong and they wouldn't be able to get the house. In that time frame, paperwork expired and we had to get updated copies. Their apartment caught fire and they had to move. It seems all sorts of things took place. But on the 15th, they bought this fantastic home and now...he wasn't sure what to do.

"Is that it? We own it?", he asked.

"Yep...that's it. Feels pretty good, huh?"

"I just can't believe we own a home".

To Okoro and Josephine, BELIEVE IT! Welcome to the "club".

©2007 Ken Stampe

Ken Stampe is a Mortgage Loan Originator, Mortgage Author and Mortgage Loan Officer Instructor living in Dallas, TX. Ken provided his first client a mortgage loan in 1996 and writes about home buying and mortgages to help clients make smart home mortgage loan decisions. Contact by email at

What resource do SMART home buyers use?... Mortgage Calculator


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Kelli Fronabarger
Bend River Realty Inc. - Bend, OR
Realtor - Bend Oregon
That's GREAT Ken. The American Dream is alive and well in Plano, Texas : ) Good Job!
Apr 01, 2007 11:07 AM #1
Keith Jeppson - Salt Lake City Real Estate
Everest Realty Group - Holladay, UT
Atta boy Ken.
Apr 01, 2007 11:11 AM #2
Traci Fant
First Realty Company - Crossville, TN
Definite inspiration! They won't ever forget that you helped them and it will come back tenfold :-)
Apr 01, 2007 11:13 AM #3
Suzanne Sands
Pavao Real Estate - Somerset, MA
Somerset MA Real Estate
 Sounds like you made their dreams come true, I'm sure they will never forget you. Great job!
Apr 01, 2007 11:41 AM #4
Danny Smith
Coming To America!
Apr 01, 2007 11:47 AM #5
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
Great story Ken, Now that's what our business is all about. These folks most be overwhelmed with joy. Good job and thanks for sharing.
Apr 01, 2007 11:55 AM #6
Diane Bell, Hilton Head Real Estate, Bluffton
Charter 1 Real Estate, Hilton Head, Bluffton, SC - Hilton Head Island, SC

A Great warm and fuzzy story......Nice that you could be a major part of their achieving the home ownership dream.

Apr 01, 2007 12:08 PM #7
Alexander Harb
Knights Investing - Mesquite, TX
Dallas, Texas Real Estate Investing

Awesome Ken.....

That is what it is all about...helping people become first time buyers of real estate.....

They have quite a deal........


Apr 01, 2007 03:25 PM #8
Fran Gatti
RE/MAX Integrity - Medford, OR
Managing Principal Broker - RE/MAX Integrity

There is no greater feeling for me than helping a buyer purchase a home.  Whether it's a first home or not, the joy that comes from home ownership is exciting.


Apr 01, 2007 05:37 PM #9
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