NPHS Helps Create Second Chance for Homeowner After Foreclosure

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What does one do after losing their home foreclosure? Do they give up their dream of home ownership, or do second chances really exist?

Carol Smith, from Sun City, California found out the answer to these very questions. Six years ago, Carol owned her own home in the Lake Elsinore area, but suffered through a foreclosure due to unforeseen major events in her life. Disheartened by her situation, she ended up leaving her Lake Elsinore home and renting a property in Sun City thinking she could never be a homeowner again.  Carol settled into her new home in this quiet retirement community, and kept the home as if it were her very own.  The landlords appreciated her for being such a great renter and kept her rent affordable because good tenants are hard to come by. Knowing that Carol had fallen in love with the home, the landlords shared that they were considering selling and asked if she would be interested in buying.  She was very excited about the opportunity to be a homeowner again, but was not sure if she could afford the down payment and mortgage on her retirement and part-time work income.

Carol met with a mortgage lending officer at Union Bank who was trying to qualify her for a special down payment assistance program for buyers with limited income.  However, her home in Sun City did not qualify because it was not in an eligible census area. Fortunately for Carol, the lending officer referred her to NPHS to see if we could assist in qualifying her for another down payment assistance program.

Through NPHS’ Housing Trust Loan, Carol was able to qualify for $12,500 in down payment assistance that was leveraged with Union Bank’s $11,025 WISH (Workforce Initiative Subsidy for Homeownership) Program for a total of $23,525 in mortgage assistance. The Housing Trust Loan Program is funded through NPHS’ Community Investment Trust (CIT) that serves as the NPHS’ revolving loan fund which leverages both public and private sector investments to finance affordable housing developments and capitalizes its lending fund aimed at serving low-to-moderate income families. The CIT allows NPHS to address key housing and community lending issues in the Inland Valley including the preservation of quality, affordable rental housing, and sustainable homeownership opportunities for first-time homebuyers.

Now a proud owner of her own home again, Carol shared that she could never have been able to afford the down payment and monthly mortgage payment if it wasn’t for NPHS’ and Union Bank’s down payment assistance programs.  In fact, Carol now only pays $15 more a month in her mortgage than she paid as a renter, and that is not even taking into account any tax benefits of being a homeowner.

“My overall experience with NPHS was excellent! The program was good and the people I talked to on the phone were personable and went out of their way to help me,” said Carol during a recent interview at her home in Sun City. “I would definitely recommend NPHS to others. They have helped me tremendously and is the best program I’ve seen for homebuyers. NPHS has blessed me with a second chance at owning a home, which I never thought would be possible after having gone through a foreclosure.”

Carol proudly provided us a tour of her home and pointed out photos of her beautiful grandchildren.  She shared how important it was to have her grandchildren inherit her home someday, and now it is possible with the support of NPHS.

For more information on our First Time Homebuyer and Down Payment Assistance Programs, please contact Carlos Tena, NPHS Vice President of Programs and Services, at (909) 988-5979 or email him at

About the Author:

Jessica is the Public Relations and Marketing VISTA at NPHS. She received her Bachelor of Arts degree in Communications with an emphasis in Public Relations from California State University, Dominguez Hills.