Margarito Nava, Maintenence Worker and Cashier
Margarito Nava learned about CFRC’s Individual Development Account (IDA) program in the local Spanish Language newspaper La Opinion, and he wanted to find out if the program was really true. After attending an orientation, Mr. Nava enrolled in the program, which promised to match his savings with up to $4,000 that he could use for an asset purchase, including his desired goal of purchasing a home.
"[CFRC is] You are really doing a great
job to the community, Latino community. It is a big change. There isn't anything
like having your own space for the kids to jump and play--to do whatever they
want."
Mr. Nava attended the program’s homebuyer education and financial education courses. There he learned how to manage his money and budget, and learned about the homebuying process and how to get a loan. After accumulating his savings, Mr. Nava found a real estate agent to work with and then initiated his search for the house of his dreams. In about a month, Mr. Nava entered escrow. However, he was not satisfied with the deal he received.
"When we were in escrow, I didn't like
the loan. We were getting a 12% interest rate and excess in fees."
At the prompting of his CFRC financial counselor, Mr. Nava talked to a different lender, who was able to lower the interest rate on his loan by more than six percentage points. The reduced rate brought his mortgage payments to a comfortable, affordable level - even freeing up enough money to fund the addition of a new bathroom, new room and kitchen.
Although, Mr. Nava admits he is under more pressure to make his monthly mortgage and will have to become acostomed to making higher paments, like the old saying goes, si,vale la pena - that's Spanish for "It's worth it."
And for good reason. Homeownership is an opportunity that many wish for, but not all have the advantage of experiencing. Families like Mr. Nava's acknowledge this reality and seem to be up for the challenge - having to forego "a lot of things we didn't use to" and setting priorities in order to reach their goal of living in their own home. But throughout the entire process, Mr. Nava seems to be content with where he is in his life and definately appreciative of the support he received.
"I thank you for making my dream come
true. I hope you continue to help more families."
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