Ogen Launches 'My First Home' Program for Young Arab Families

The non-profit social financial organization Ogen, in collaboration with the Economic Development Authority at the Ministry of Social Equality, has launched a new initiative called 'My First Home.' This program is designed to support young families in the Arab community who are planning to purchase or build their first home.

The program aims to empower these families economically by providing comprehensive financial guidance for eight months or more. It includes access to subsidized mortgage counselors for eligible participants and the development of personalized family financial plans. Khaled Hassan, Arab Community Director at Ogen, stated that this is the first time such a program has been launched in cooperation with the Economic Development Authority, specifically targeting young families in the Arab community. He emphasized that the program helps families organize their finances, understand their economic capabilities, and prepare more effectively for the mortgage application process.

'My First Home' offers practical tools for managing daily expenses, increasing personal capital, reducing fixed costs, and understanding mortgage details. It also focuses on developing financial negotiation skills. Ogen encourages young families, beneficiaries of the 'Price for the Resident' program, and anyone aspiring to own their first home to apply.

Ogen advises young couples that saving for a down payment is achievable through financial management changes. The program guides couples through a joint process of mapping expenses, prioritizing needs, and identifying areas for potential savings. The organization highlights that consistent, small sacrifices can accumulate into a significant amount, ultimately enabling the purchase of a home.