First Home: How WSFS Mortgage Helped Achieve the Dream of Homeownership

Homeownership is often a key financial goal and moment for many consumers. In recent years, with bidding wars, rising prices and interest rates, however, that goal can often feel like just a dream.

The journey toward achieving that dream for Dana F. began more than two years ago, but with the help of WSFS Mortgage, it is now a reality.

“I started working with Melinda Johnson and Helen Dwyer from WSFS Mortgage a few years ago on how I could land my first home, and since then they have been there to walk me through everything step-by-step,” said Dana, now a proud homeowner in Delaware. “Melinda suggested I attend one of WSFS’ First-Time Homebuyer workshops presented by Helen, so I knew what to expect throughout the process.”

Dana’s path toward landing her first home was underway, but in a tough market and economy, patience was key, as was working with the right team of experts.

“Attending the homebuyer workshop that Helen presented was very helpful, and then Melinda worked with me to see what was available, what my financing options were and also connected me with a real estate agent,” said Dana. “I needed to improve my credit along the way, and Helen provided advice and helped me put a plan in place to do that.”

As her search continued, scouring online listings in her desired location, Dana would send the homes to Melinda, who would crunch the numbers to let her know what she could afford, grants or homebuyer programs that may be available in that area as well as pass along other houses that may be of interest.

“We evaluated a host of options for Dana as part of our standard process at WSFS Mortgage and then collaborated closely with her to find the best program fits for her needs,” said Melinda. “We looked through the various homebuyer programs that were available as well as grants to see how we could bring the dream of homeownership to fruition for Dana.”

With the help of programs available in the area, Melinda and Helen were able to help stack grants and other homebuyer programs to reduce the upfront and regular expenses that accompany a home purchase.

“We ended up working through a variety of programs for Dana,” said Melinda. “We were able to work with Dana to get a $20,000 grant through the First Front Door Grant Keys to Equity program, coupled with a $10,000 grant from the WSFS Grant Program. Additionally, with the Delaware State Housing Authority (DHSA) we were able to have the insurance financed instead of a monthly expense, which allowed us to maximize their lending options with a down payment assistance loan of around $6,000. The DHSA loan is a 30-year loan, but does not accrue interest, which coupled with the grants helped Dana purchase her first home.”

In total, the WSFS Mortgage team was able to work with Dana to gain a total of approximately $36,000 in assistance toward her down payment and closing costs.

“I wasn’t really even aware of these programs until speaking with Melinda and Helen at the First-Time Homebuyer Workshop, but they worked with me on what was available for different houses in different areas and matched up what I could qualify for,” said Dana. “They were available at all hours to help and made this possible!”

Now a proud first-time homeowner in Delaware, Dana also shared a few words of advice for those looking to achieve a similar dream:

“Have a strong team in place, like the one I had with Helen and Melinda, and know where your finances are so that you’re prepared when the right house and opportunity arise, and you are ready when you get to the closing table,” Dana said. “It’s also important to be prepared financially for the things that can come up after the purchase like furniture for the house or minor repairs.”