“Daddy, we finally have a home.”
CHAN AND THARA LEARNED ABOUT the Home Buyer Training Program through our Facebook page. A few years earlier, Chan attempted to buy a home but had his loan denied after spending money on a home inspection and appraisal. At that time, he “didn’t know what to do”.
After his daughter was born, he decided to try again. He wanted to learn how to do things right and avoid mistakes. He took the class in June of 2016.
Two of the things that stuck out most were “learning the order of the steps and the importance of building the best team”. He also learned about budgeting and credit. “I remember Jim saying ‘Don’t buy anything that will jeopardize your loan’”. Chan reflects clearly on those words. He remembers having car trouble and deciding to buy a new car which he acknowledges now was a big mistake. That purchase caused him to lose out on the loan he was trying to get for the purchase of a home a few years earlier. Nobody told him how that would impact his ability to be approved for a mortgage.
Shortly after completing the course, Chan sat with Ed Alcantara, MVHP’s home buyer counselor for a readiness assessment. A plan was customized to turn his dream into a reality. The topics of budgeting, debt ratios, credit scores and tax strategies were discussed.
“As a business owner, I did not know how the banks look at business income”. Ed gave us hope with his knowledge of mortgage products. I met with Ed a second time a year later and was discouraged because I had signed an automobile lease which affected my debt ratio. “I felt like giving up but Ed said, ‘If you give up, you lose. You are almost there’. I felt re-energized and stuck to the plan. Now I own my home”.
Ed told us about The Equity Builder Program which provided $11,000 towards a purchase for first time buyers and is forgiven after 5 years. They used that program in conjunction with the MHP ONE Mortgage to purchase a 40B affordable unit in Tyngsboro. We worked with Donna Koulas of Northern Bank and Trust. “She was very efficient on every step of the way. She even emailed at 8:00 and 9:00 p.m. She was so dedicated and helpful. Without Donna, we would not be in our home today”.
“Both Thara’s family and my family are happy we are home owners. We are, too. My daughter told me the day after closing, ‘Daddy, we finally have a home”.