“Finally,” is the single thought first-time home owner, Cheri Seright, utters as she thinks about her new HOMECorp home. Ms. Seright traveled an eight-year road toward this monumental achievement. The 2 bedroom, 1.5 bath house, funded by HOMECorp and Essex County HOME funds, was gutted and completely rehabbed.
After signing up on HOMECorp’s wait list and successfully completing HUD certified, homebuyer education in 2004, Seright was ready to purchase.
In 2009 she signed up to be considered for purchase of HOMECorp’s 21st home ownership property and was ultimately selected based on her income, savings and excellent credit standing. Although prepared to close in June 2010, Seright’s lender withdrew the commitment solely due to the fallout from the 2008 credit markets crash. In lieu of the closing, HOMECorp entered into a lease-to-purchase arrangement with Seright until a willing lender could be found. The NJ Housing Housing Mortgage and Finance Agency (NJ HMFA) through Jersey Mortgage Company stepped in and provided the mortgage. Seright also qualified for a down payment assistance grant from the Township of Montclair. After a long haul, Seright closed in February 2012. Seright and her family are thrilled to finally call their house “their home”. HOMECorp seeks to provide housing choices to all Montclair residents. Its mission is to provide safe, decent, affordable homes in Montclair and to promote neighborhood development.