FSS Newsletter :: August 2003

Escrow Accounts Make Home Ownership Dreams Possible

Two FSS Program graduates have recently realized the American Dream of
homeownership as of July 2003.

Having worked with both families, I can honestly say that one of the
primary reasons why both of these families realized this dream of homeownership was the FSS Escrow account.

Each family was able to utilize the escrow funds for the down payment and
closing costs expenses that must be paid when a family closes on a home and
completes the purchase.

Without the escrow account funds, neither of these purchases would likely
have taken place.

In addition to the FSS Escrow account, obviously the other key ingredient
which made purchasing a home possible was consistent employment over a
sustained period.

First of all, the escrow account will not grow without increases in earned
income on behalf of the FSS participant.

Secondly, longevity on the job and adequate income generated from that job
are vital requirements of the lender when determining whether a family
qualifies for a mortgage loan to purchase a home.

The escrow account remains a tremendous tool to acquire the money necessary
to become a homeowner.

So, for those FSS participants who are still dreaming of homeownership,
working to increase your escrow = working to increase your home ownership
opportunities.