The decline in Napa housing prices and unique financing opportunities available have allowed first-time buyers Glen and Georgina Nash to finally realize their dream of home ownership. After years of looking and being defeated in an escalating seller's market, the Nash’s moved into their own home in Napa in October.  In an interview, they discussed how it happened.

Why did you decide to buy now?

We had been looking for a long time and we were pre-approved for a loan, but we wanted to buy a home in Napa. There was, however, nothing on the market under $500,000, and most of the properties we saw would have meant a house payment of $7,000 to $8,000 a month. We had known Ingrid for five or six years, and she knew what we wanted. In February she contacted us and told us there might be opportunities that hadn't existed before for first-time buyers in Napa.

What made it possible to buy your first home?

It was a combination of many things including the falling house prices as well as new financing opportunities. Ingrid referred us to Jill Munson of Wells Fargo Bank to learn about mortgage programs, and we were surprised to find out about a loan, available for a short time, that would allow us to purchase a home with a minimal investment but still have a monthly mortgage payment that was within our means. We were very excited about this and began the process of house hunting with Ingrid.

 How is this different from past experiences?

When we first got serious about buying a house several years ago, we found that if you were middle income there was nothing for you in Napa. We were told about the adjustable rate loans, but we were skeptical. This time we found it was much more of a "buyer's market." with much more available that we could afford. We first looked at a condo that was being sold on a "short-sale," meaning the owners were trying to sell it before they were foreclosed, but it turned out to be too difficult to arrange financing for this. In the end, we realized we'd much rather have a house and not have to pay condo fees in addition to a mortgage. The house we finally bought for $335,000 in October 2008(which also included a $22,000 credit) had been sold in 2005 for $490,000.

How did the real estate team support your purchase?

We couldn't have done it without them. When we were doubtful, Ingrid kept telling us "There's a house for you." When we found the right home, Ingrid and Jill Munson stayed with us every step of the way. There was a huge amount of paper work to be completed, and they helped us meet the deadlines to qualify for the special financing that was available at the time. They answered all our questions thoroughly so we understood what we were doing. They were our supports and our guides.

What excites you most about being a first-time home owner?

We rented for many years, but no matter what we did to fix a place up, we knew it wasn't our house. You don't feel at home when you're renting — there are so many things you can't do.  The house we bought is a "diamond in the rough," but it's ours.  We're painting and renovating, and we've planted a tree. Now that we're in our house, we feel like "Wow, we did it. After so many years, we're finally home."

A home payment can be less that your rent.  Give me a call for a free, no obligation consultation.  These great home prices will not last forever!