Finding Home: A Lottery Win for Kostantinos Teklehaimanot's Family
After years of tirelessly searching for the perfect home, Kostantinos Teklehaimanot and his family have finally found their slice of heaven - and in an unexpected place: a lottery. But before you conjure images of a high-stakes gamble, let me clarify; this wasn't a game of chance or bidding war, but rather a beacon of hope provided by the New Haven Livable City Initiative (LCI).
The LCI, a publicly-funded program dedicated to promoting affordable housing, hosted a lottery for a beautiful home. Unlike traditional home purchases, where months are spent navigating offers and qualifications, this lottery aimed to streamline the process. Prospective buyers had to meet strict income limits based on household size and provide thorough documentation to ensure eligibility.
For Kostantinos and his family, this opportunity was a godsend. The income requirements were clearly outlined, offering a fair chance to families of varying sizes. With maximum income thresholds ranging from $64,250 for a family of one to $106,450 for a family of six, the program aimed to make homeownership attainable for a wide range of residents.
But the support didn't stop there. The program actively encouraged buyers to explore additional down payment assistance programs, both state and city-funded, further easing the financial burden of homeownership. By fostering affordability and community engagement, the initiative aimed to create a sense of belonging and security among New Haven residents.
Thrilled to be part of this transaction, our in-house mortgage company, New Vision Mortgage, joined hands in this journey. We're incredibly proud to have played a role in this milestone for the Teklehaimanot family. Our office was there every step of the way, offering support and guidance through the real estate and mortgage process. Seeing the joy on our clients' faces as they secured their dream home was truly rewarding.
Looking ahead, we're eager to extend our assistance to other families seeking homeownership. If you're interested in learning more about how we can help you on your journey, don't hesitate to reach out. Whether you're navigating income limits or exploring down payment assistance, we're here to make the path to homeownership a little smoother.
In the end, Kostantinos and his family's story is a testament to the power of community support and the possibility of finding home in unexpected places.
https://www.newhavenindependent.org/article/455_howard_ave_sold_to_first_time_home_buyer
