In January 2011, BNT and the City of Bridgeport celebrated the closing of the first Down Payment Assistance grant, a new home for Aracelis Cordero and her three children.
“When I came to my home after closing, I actually threw myself on the floor and rolled around saying ‘Thank you God, it is mine!” Cordero said.
Introduced in 2010, forgivable loans of up to $25,000 are available through the City of Bridgeport’s Down Payment and Closing Cost Assistance Program (DAP).
“With the grace of God and people like Bev from BNT, Larry from Webster Bank, Attorney Jeffrey Rosenberg and Sam, my realtor, I am in my home today, and I have a good mortgage and good rates,” Cordero said.
BNT is the facilitator of this program, reaching out to business partners, community agencies, local realtors and BNT’s own list of mortgage-ready clients with the goal of connecting low-income families with funds that can help them purchase their own homes.
“BNT put me in the direction I needed to go and helped me achieve the biggest goal in my life, which is becoming a homeowner and giving my kids a better environment,” said Cordero.
Ms Cordero is a hard working single parent with 3 children including a disabled child. She works two jobs to provide for her family’s needs, to pay down her debts in a timely manner and maintained an excellent credit rating. Without these funds she would not have been able to realize her dream of home-ownership to provide a healthy, safe and stable environment for her children. The duplex she was able to purchase with the guidance and direction of BNT’s housing counseling staff was a short-sale that required 3rd party approval the seller’s first mortgage lender.