FREDERICK, Md. (DC News Now) — A program in Frederick County is helping residents who face financial struggles, buy and sell their homes.
“This is a challenging time for A.L.I.C.E. households to purchase a home with property values having escalated and interest rates higher than they’ve been in many years,” said Ken Oldham, president and CEO of United Way of Frederick County.
According to the National Association of Realtors, existing home sales in the U.S. are down 19% compared to last year which is the slowest pace in 14 years.
The national numbers are on par with Maryland, home sales in the state are down 20% compared to a year ago.
A program called “Pathway to Homeownership,” through the United Way of Frederick County helps people who can’t afford basic needs to save up and buy their own homes by matching their savings prices. It also teaches residents how to budget and improve their credit.
The program has helped people like Shinea Weedon, who is a first-time home-buyer.
“I’m a single mom. I don’t make a lot of money and I didn’t have much savings. I didn’t think that it could happen to somebody like me,” she said.
So far, the program has had 30 participants with 20 people actively saving to buy a home.
Participants of the program must first save a minimum of $3,000. For more information and eligibility for the program, click here.
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