My Home Story: Her Persistence Helped Her Land a Mortgage
Jul 8, 2015
After an unpleasant experience with a mortgage lender that ultimately ended with her being denied a mortgage loan, Maria Gonzalez of Framingham, Massachusetts, thought she would never own a home.
But Gonzalez’s cousin had worked with loan officer Amy Wortzman to get a mortgage for her home and told Gonzalez to give Amy a call.
Wortzman looked into Maria’s financial situation and helped Gonzalez get her budget in order. Gonzalez, a medical secretary, paid off two student loans and realized she had more money in a retirement account than she had thought.
Working with a local real estate agent, Gonzalez found a condo in Framingham and was able to get her approved for a MassHousing RightRate Mortgage with no mortgage insurance. State HFAs such as MassHousing and local HFAs (which you can find in an Internet search of your area) may be a great resource for homebuyer education and down payment assistance.
The Right Rate Mortgage offers discounted interest rates with low down payment options to borrowers with incomes at or below 80 percent of area median income. Borrowers must complete a homebuyer education course to qualify.
Borrowers selecting the Mass Housing Right Rate Mortgage end up with an affordable mortgage payment that can be sustained for the long term, says the HFA. All mortgages are 30-year fixed rate conventional loans that are fully amortizing and considered the safest mortgage product available.
“What I really like about her story is the empowerment and economic advancement we helped her achieve,’’ says Wortzman. “She paid off two student loans to get her budget in better order. She will be using that extra money to help her with the mortgage and her savings.’’
“I wasn’t going to even try anymore, but when I met with Amy, she was great,” says Gonzalez. “When they said (my mortgage) was approved, I needed to pinch myself because I couldn’t believe it. It was so exciting going to the store because I wanted to paint and fix a few things before I moved in, and it just doesn’t feel real yet. It was a great experience,” she says.
“The whole thing was so smooth, and I learned so much along the way. I am very grateful.’’
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