PathStone commemorates 25 years of successful homeowners through nonprofit homebuyer club model

Homebuyer Clubs Show How Affordable Mortgages and Counseling Can Work

Rochester, NY (February 23, 2012)  - PathStone Corporation, a member of the national NeighborWorks network, today joined with many of its NeighborWorks network colleagues to commemorate 25 years of successful homeownership through homebuyer clubs and homebuyer education. PathStone is spreading the word about the consumer benefits of learning with peers, neighbors and homeownership advice professionals and how to navigate the increasingly complex home buying process.

Despite record low mortgage rates, many consumers are wary of pursuing homeownership. By joining a homebuyer club or seeking homeownership education sponsored by PathStone Corporation, consumers can learn the steps they need to take to obtain appropriate mortgages, find the right homes and grab hold of their piece of the American Dream. PathStone launched its homebuyer program in 1992, and has since helped more than 4200 people become homeowners.

“Many people are unprepared to purchase their first home and don’t know what the first step should be. Homebuyer clubs provide much needed education about the home purchase process and the chance to develop a savings pattern and start households off on the right path to sustainable homeownership.”

“Homeownership continues to be a goal for many low- and moderate-income families despite the turmoil in the housing markets,” said NeighborWorks America CEO, Eileen Fitzgerald. “By participating in homebuyer clubs like those from PathStone Corporation, consumers receive the information, professional coaching and peer exchange and support they need to cut through the noise in the marketplace and to make the right choices that lead to long-term, successful homeownership.”

PathStone along with over 200 NeighborWorks network nonprofits around the country helped more than 12,000 people become homeowners in 2011, many of whom had early doubts about whether or not they could safely obtain their piece of the American Dream.

Homebuyer clubs are just one kind of homebuyer education programs offered at PathStone to replace home buying doubts with a plan for homeownership success. The homebuyer club model:

  1. Requires a commitment of time from the homebuyer club member, often commitments of many months as savings goals are set and credit strengthening takes place.
  2. Helps members “see” themselves as homeowners, visiting neighborhoods where there are homes that they would eventually want to purchase, and set real and attainable goals that they can see and touch.
  3. Establishes a strong peer-to-peer environment where each member helps reassure and support each other as they work towards homeownership.

“At PathStone, we’re excited about homeownership, and believe that with the right preparation, training, savings plan and support, everyone who wants to be a homeowner can reach their long-term goal,” said Susan Boss, director of homeownership programs.

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