Lori L. at her loan closing with Kevin Sullivan from the City of New Bedford
Lori L. purchased a three-bedroom single family home in New Bedford in October 2022. To finance the purchase, she used a mortgage loan from MassHousing, a MassDREAMS grant from MassHousing, and grants from the City of New Bedford and the Federal Home Loan Bank of Boston.
She obtained her MassHousing mortgage loan and MassDREAMS grant through BankFive and loan officer Susana Neves-Coito.
Lori has worked in the nursing home industry for about 30 years, starting as a nurse's aide and working her way up to her current role of payroll administrator. She has custody of her grandchildren ages 8, 10 and 13.
She needed a home with more space. "At this time, I am raising my grandchildren and I really needed three bedrooms so they could have enough room."
"Susana my loan officer was outstanding, she found every grant we could use," Lori said. "I told her when we started that I really could not afford a mortgage payment of even $1700 per month, but she found a way for me through MassDREAMS and other programs."
As can sometimes be the case, there were some last-minute challenges.
"One day before the closing, the amount of one of the grants changed. I had to come up with some additional funds that I had not been expecting, but I was able to do it. I think people do need to know that they should be prepared and have some funds available in case of unforeseen changes."
In addition to a grant from MassDREAMS, Lori benefitted from first-time home buyer grant programs at the City of New Bedford and the Federal Home Loan Bank of Boston.
"There are so many great programs if you look and are patient. It takes time and work, but it is so worth it," she said.
Lori expressed heartfelt thanks for the chance to purchase a home in a challenging market.
"I am very grateful for the grants as I would not be a homeowner if I did not have them to make my mortgage affordable," she said. "I love my new home!"