Mary & Roberto’s Journey to Homeownership

In 2021, Mary, Roberto, and their four children came to the Neighborhood Development Alliance (NeDA) in Saint Paul, Minnesota with the goal of purchasing a home. They were financially prepared to do so, but the only barriers that remained were their down payment and closing costs. The ITIN loan product for which they qualified required a larger down payment, so NeDA worked with their family to create a spending plan that would allow them to save for their goal. One element was the utilization of a FAIM Matched Saving Account, a MN state program that matches residents’ savings 3:1.  

As Roberto and Mary continue to save, new obstacles arose: rapidly increasing home prices and interest rates complicated their savings journey towards a home. When NeDA became a grantee of NFHA’s Inclusive Communities Fund, the last piece of the mathematic puzzle fell into place. The ICF funds along with FAIM savings successfully closed the gap families faced between their savings and purchasing a home.

With the support of NFHA under the Inclusive Communities Fund, Mary and Roberto were able to proceed with applying and being approved for the ITIN loan, get a trusted realtor, and begin the process of selecting and buying a home. NeDA said, “This began one of the most beautiful journeys for their family. It was also incredibly rewarding for each of us at NeDA who were with them at each step of the way, to see their dream come true.” On March 6^, 2023, they closed on their home and began a new chapter of building their wealth as a family.