A Success Story: Margarito Nava

December 1, 2005
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."

A Success Story: Teacher, Susan Naber

From: Susan Naber, Magnolia Ave. Elementary

December 4, 2007

To Whom It May Concern:

Last year, I attended a LATMAP informational session expecting to get some ideas and information. I left there realizing that being a homeowner was actually a reality for me. Thanks to all the speakers that were available, I learned about so many different programs that existed to help people like me, yet I had never heard of them before that afternoon. One of the fabulous people I met at that meeting was Iris Land. Her knowledge and friendly personality stuck in my head and I knew she was the one I would want to communicate with when I was ready. And the rebate Prudential was offering wasn’t so bad either!

Iris was readily available and very helpful as soon as I called her. She recommended Joseph Guzman with National City Mortgage for my lender and set me up with Jerry Bliss for a realtor. Joseph took my information over the phone almost immediately, and Jerry called me soon after. I was referred to the Homebuyer Education Workshop offered through CFRC, a requirement for the loans I was receiving, where I got tons more information. The class was great in getting me familiar with the different opportunities I would have and what to expect during the home buying process.

"I can’t say that my whole home buying experience was rosy."

Joseph told me what I had to do to get the home I wanted (pay off a few things, defer a few things), and I was ready to do it all. He was very knowledgeable about the first time homebuyer programs, and combined programs from the City of L.A. and the Extra Credit Teacher Program to get me preapproved for just enough to get a great condo. Once I knew where I stood, Jerry was available to begin looking with me. He was so flexible with his time and I never had a problem scheduling times to see places with him, even when my own schedule was crazy.

I can’t say that my whole home buying experience was rosy. A few months into looking, I got an unexpected phone call from Joseph. The funds from the City of L.A. were depleted. I was going to be put on a waiting list. It could take months, Joseph told me. There was no way to know. In addition, he informed me that when funds do become available again, we would only have 30 days to use them. After that, I would be bumped back down to the bottom of the waiting list. Although I was upset, Jerry continued to be supportive, keeping me in the loop about new listings the whole time. It took two months until I got that call from Joseph. He told me it was my turn again, but I only had 30 days to use the funds. I called Jerry…I told him it was urgent, I needed to not only find the place, but have an accepted offer within 30 days. Jerry was on top of it. He was immediately available for me, scheduling viewings right away. Thanks to him, we found the place I wanted, negotiated a deal, and had an accepted offer within our time limit.

"I would not have been able to be a homeowner

without the help of these programs

and more importantly, the people that make it happen."

The escrow process was the most stressful experience I have ever had. Because of complications with LAUSD, my last several paychecks had been inaccurate and caused confusion as to how much I make. The numbers were inconsistent, and it was difficult for the city to figure out. They required tons of supporting documentation to verify that I didn’t surpass their income limits, and it took much longer than expected. Thank goodness that our selling realtor was patient, because we went so far past our loan contingency removal period, anyone else would have pulled out. There were several days, weeks even, when I did not know if we were going to make it. Everyone was getting nervous. In the end, although we were late, we were able to finally close escrow.

I have to say that I don’t think I would have made it through this process and kept my sanity without Jerry’s support. He fought for me the whole time. He was a mediator, and somehow kept our selling agent at bay. He was consistently optimistic about the situation, and his patience was unyielding. He was relentless in getting answers when I needed them, and constantly kept me informed of what was going on. He was so available for me that I felt like I was his only client. I will forever keep Jerry as a realtor and refer him to everyone I know! I thank Iris for making such a great connection, for being so helpful and available to me when I needed, and for going so far as to come to my new condo to deliver my much needed rebate check to me. I can see that customer service with the both of them is a priority, and in such a stressful process, it really is so important.

I appreciate my experience with LATMAP and am spreading the knowledge that I have learned about all these great programs to others. I would not have been able to be a homeowner without the help of these programs and more importantly, the people that make it happen.

Thank you,

Susan Naber