© Mike Ritter
Running his own bread delivery service, Andres Abreu gets up every morning long before sunrise.
And while getting up at 3 a.m. for work might not be the easiest thing to do, Andres takes comfort and pride in the fact that the home he leaves in Lawrence every morning is his own, purchased with a MassHousing Mortgage through Mortgage Network and Loan Officer Ellen Roche, who is based in Haverhill.
After renting for many years, Andres is thankful he was able to purchase a condominium where he and his wife Carmela now live with their two children and Carmela's parents.
"Owning our own home is like a dream come true," he said. "It feels great. I am thankful for the opportunity."
Andres, a first-time homebuyer, used a MassHousing Mortgage with Lender Paid Mortgage Insurance (LPMI) and a 3% down payment. By using the LPMI loan, the cost of Andres' mortgage insurance was wrapped into his monthly mortgage payment, eliminating a separate Private Mortgage Insurance Payment (PMI) and saving him money over the life of his 30-year, fixed rate loan. And at no additional cost, his mortgage is covered by MassHousing's signature MIPlus™ mortgage insurance which will pay his monthly payment for up to six months in the event of a job loss.
Andres was able to complete the purchase of his condo with an Individual Development Account (IDA) with matching funds provided through the non-profit Lawrence Community Works and some down payment assistance from the city of Lawrence.
Andres said he is grateful to Roche and Mortgage Network for being flexible during the loan and home appraisal process.
"I don't think other lenders would have been as flexible," he said. "It made a big difference in being able to buy the home."
But Roche said Abreu became a successful homebuyer in part because he remained diligent throughout the process.
"Andres made sure he brought in all the applicable documentation in a timely manner and he was very thankful and appreciative of the time I spent with him and his family going over the paperwork," said Roche. "I wish all my borrowers were like Andres. I am very happy for him."
Now his family is settled and enjoying having a home of their own.
"The (homebuying) process was not as difficult as I thought it would be and overall it was a good experience," Andres said. "I would definitely recommend MassHousing to other people who are thinking about buying a home."