Montgomery is many
miles away from New York, and a whole different world for the Vasquez
family. Fed up with the gang violence that had taken over their
neighborhood in New York, Juan and Maribel loaded their belongings into
a rental truck and headed south.
“Both of us have lived in apartments all our lives,” said Juan. “All we saw was those same four walls all the time.”
Less
than 10 months after setting foot in their new home town, Juan,
Maribel, 12-year-old Tony, and 4-year- old Sophie were unpacking in
their first home—a three-bedroom, two-bath brick ranch in the Brighton
Estates
subdivision, financed by AHFA’s First Step program. By using
First Step, the Vasquezes were able to obtain a fixed 30-year,
low-interest mortgage and down payment assistance.
“This is the last house we looked at,” said Juan. “We liked what we saw. It’s roomy and comfortable. "
Move-in
day was truly a homecoming for Juan, a native of the Dominican
Republic, and Maribel, originally from Honduras, who spent their first
week in Montgomery just searching for rental housing. Juan said, “I
didn’t really believe it until they gave me the keys and we opened the
door to our new home.”
David & Laura Bailey
Wetumpka, Alabama
Montgomery is many miles away from New York, and a whole different world for the Vasquez family. Fed up with the gang violence that had taken over their neighborhood in New York, Juan and Maribel loaded their belongings into a rental truck and headed south.
“Both of us have lived in apartments all our lives,” said Juan. “All we saw was those same four walls all the time.”
Less than 10 months after setting foot in their new home town, Juan, Maribel, 12-year-old Tony, and 4-year- old Sophie were unpacking in their first home—a three-bedroom, two-bath brick ranch in the Brighton Estates
subdivision, financed by AHFA’s First Step program. By using First Step, the Vasquezes were able to obtain a fixed 30-year, low-interest mortgage and down payment assistance.
“This is the last house we looked at,” said Juan. “We liked what we saw. It’s roomy and comfortable. "
Move-in day was truly a homecoming for Juan, a native of the Dominican Republic, and Maribel, originally from Honduras, who spent their first week in Montgomery just searching for rental housing. Juan said, “I didn’t really believe it until they gave me the keys and we opened the door to our new home.”
Juan & Maribel Vasquez
Montgomery, Alabama
"First Step helped us get a much better interest rate."Newlyweds Justin and Kristina Lawhorn of Montgomery made the decision to begin their married lives in a home of their own, rather than to continue apartment living.
AHFA’s First Step program—with its affordable interest rates and down payment assistance—was the ideal option for the first-time homebuyers.
“We decided it would be better to purchase a house than to spend our money paying rent,” said Kristina.
“We were surprised at how well things went with the financing. We didn’t have one thing go wrong,” she said. “And, First Step helped us get a much better interest rate.”
Justin & Kristina Lawhorn
Montgomery, Alabama
AHFA’s Step Up mortgage program helped Melanie Faison of Phenix City purchase a home large enough to accommodate her growing family while keeping the payments very affordable.
“It was extremely helpful,” said Melanie. “With your assistance, I was able to finance an affordable home without paying a high monthly mortgage insurance premium. The ability to amortize the down payment over 20 years allowed for an overall lower monthly payment. This allowed my family to afford more home and purchase what we truly needed.” Melanie’s job with NeighborWorks, gave her an insider’s view of the loan purchase process. “It was extremely easy,” she said. “I have been in the mortgage business for 10 years in some form or fashion—so I know all the things that can go wrong. It did help that I had good credit when I applied and I understood the process.”
Yet, that didn’t lessen the impact of homeownership on the Faison family—Melanie, Eric, 12-year-old Yasmeen, and 6-month-old Nicholas. Melanie said, “As of today it still feels kind of surreal, I have a fulfilling job, a new son, and a new home with enough space to do all the things an apartment did not allow. The list of positive effects it has had on my family can go on and on. This was definitely the best decision I have ever made for my family. We love coming home.”
Melanie concluded, “In my work I have seen the moderate-income family with good credit have no ability to receive down payment assistance. This is a huge underserved market and the Step Up program offers a refreshing affordable solution.”
Melanie Faison & Family
Phenix City, Alabama
As Jay and Emily Wallace were planning their May nuptials, the question of what to do about living arrangements arose. Jay had been living in a one-bedroom apartment, while Emily shared another rental unit with a roommate.
With both still in college, cost was a factor. “After looking at everything, it was going to be cheaper to buy rather than move up to a two-bedroom apartment,” said Jay. “Plus, we wanted something that was ours. We wanted to be able to invest in something and build equity.”
The couple found a house in the heart of Montgomery that met all their needs—a big yard for pets, a good neighborhood, and more square footage. “We liked the neighborhood and the set-up of the house,” said Emily. Yet as working college students planning a wedding, their savings were limited. Fortunately, the Wallaces qualified for 100 percent financing through AHFA’s Step Up program.
“Step Up was the only way we could get a house,” said Jay. Emily added, “We certainly could not have gotten as nice a house without Step Up. We love our house and are very grateful for it.”
Jay & Emily Wallace
Montgomery, Alabama
After their son Gage arrived in 2005, Brannon and Cassy Horton were ready to put down permanent roots—preferably a brick house in a quiet neighborhood. The two-bedroom apartment in Decatur they had been renting was no longer ideal. “We wanted a house that was ours,” said Cassy, a bank collections agent. “We wanted to spend our money on something that was ours, instead of renting.”
They found a three-bedroom, one-bath house in Danville that was perfect. “The other houses we looked at just didn’t have that ‘home’ feeling about them,” said Cassy. Their real estate agent referred them to New South Federal Savings Bank, an AHFA participating lender, who steered them to ADDI’s $10,000 principal reduction.
“Right off the bat, I knew we were in the right place,” Cassy said. “They never made me feel uncomfortable, even though there were a lot of things that I didn’t know and didn’t understand.” Loan Officer Teresa Page was able to secure them a last-minute ADDI reservation.
“If it hadn’t been for ADDI, we would not be in this house today,” said Cassy. “It was such a blessing. ADDI has made our house payment very comfortable.”
Cassy, Gage, and Brannon, a restaurant server, moved in five weeks before Christmas and were able to host for the first time a holiday gathering for their extended families. Cassy said, “We’ve enjoyed it every day since.”
Brannon & Cassie Horton
Danville, AL