Success Stories
"I love it! It's my own! I made it my own! I took down the ugly wallpaper and now it really reflects my own taste." Nancy Cook's beautifully-decorated home does indeed reflect who she is.
And she had the opportunity to really make it her own after she purchased her condominium here in Santa Barbara County. Since Nancy's employer, The Territory Ahead, is a member of the Coastal Housing Partnership, this meant she would be eligible for financial assistance programs that help reduce the amount of downpayment and closing costs necessary to purchase a home in this area. The Territory Ahead is one of 70 local employers that provide this valuable benefit to their employees. (In fact, one of the reasons she decided to accept a position at The Territory Ahead was the opportunity she had would have to buy a home in the area.) Still, Nancy felt it would be some time before she would be able to buy a home in Santa Barbara. But when her landlady told her she was going to sell the condo she had been renting, she began to seriously investigate the housing market. "The helpfulness of the people at CHP gave me the incentive to feel I could go for it and buy my own place. The financial assistance programs made the whole thing more affordable." "My mortgage payment is less than my rent! And there are enormous tax benefits of homeownership. You can't beat it!" said Nancy. Nancy found that her mortgage payment would be less than her rent payment. And she was able to borrow 50% of her downpayment through CHP's HELP Downpayment Loan Program. In addition, she was able to save money on her closing costs using CHP's Homebuyer's Assistance Program. She now feels more settled in her life. "Owning this place gives me a sense of permanence that I didn't have before."
Dana kept walking around saying, "Pinch
me; unreal; I can’t believe it; the house will be ours in
one month," while talking about her recent home purchase.
Dana and Kevin had always said " We will know when we walk in the door, it’s the right house for us". That was the case when they found their ideal home at the end of last year. "During the offer process, two other offers came in. Although we had already been pre-qualified, the sellers wanted us to be pre-approved. A Coastal Housing Partnership lender pre-approved us and the sellers accepted our offer. The house was ours in 30 days!", said Dana. Dana and Kevin didn’t have the 20% downpayment to obtain traditional financing. (Typically, a lender will require mortgage insurance if a borrower has less than a 20% downpayment.) By using Coastal Housing Partnership’s HELP loan, they were able to obtain 90% financing without the added expense of mortgage insurance. "Mortgage insurance is a drag. You can’t deduct it from your taxes. It’s like you’re throwing money away", said Kevin. In addition to using the HELP Downpayment Loan, The Browns were able to save money on their closing costs by using the Homebuyer’s Assistance Program. These financial assistance programs were available to Dana since her employer, The Territory Ahead, is a member of the Coastal Housing Partnership. Now Dana and Kevin have the room they need for their pets and for the new baby that is on the way. And with the money they saved on their closing costs by using the Coastal Housing Partnership financial assistance programs, they have thousands of extra dollars to spend on that baby.
"I love this city, but the rent is unbelievable!
Now I have a piece of the Santa Barbara rock, a tiny piece, but
it’s a piece.
I got everything on my ‘must’ list and most of my ‘wish’ list. My neighbors are wonderful. I love the neighborhood," said Donna. Donna Lewis, an APCD engineer, found out about Coastal Housing Partnership programs through her real estate agent. She saved over a thousand dollars using these financial assistance programs when she bought her home three years ago. Her real estate agent credited a portion of her commission to Donna to offset some of her closing costs. She saved hundreds of dollars on the fees charged by the lender.
This year, she saved an additional $350 when she refinanced her home mortgage using CHP’s newest financial assistance program, the Mortgage Refinance Program. "I used a Coastal Housing Partnership lender for both transactions…I have never been so impressed with a bank", she said sitting by the fireplace of her two-story home. "For what I would have to pay in rent, after taxes, I was able to buy this place, which is much nicer than anything I would have been able to rent. I like the fact that I can decide when I have to leave this place, not the landlord." What would Donna say to fellow employees who may be thinking about using CHP financial assistance? "Plug in! Plug in!. You don’t have to do anything. Suddenly you have extra money in your pocket!" |
PO BOX 50807 • Santa Barbara, CA 93150
t: 805-969-1025 • f: 805-882-1496