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Ray’s First-Time Homebuying Story

Ray rented a home in Chili for about a decade with his entire family—his wife and four children. They first moved there in the early 2010s and made many friends and even more memories in that house and community.

In 2020, the owners of the property indicated their intent to sell the property within the year as they would soon be moving south. As soon as Ray learned their long-time family home may soon go to sale, the question of “what’s next?” began.

Together, Ray and his wife started discussions to see if they were financially prepared to purchase the house from the current owner. Ray and his family were long-time ESL members, and at the time recently opened a Secured Credit Card with the intent to establish and to help build their credit.

Seeking Out an ESL Mortgage Solution

To make sense of next steps, Ray reached out to the ESL Business Development Mortgage Originator team, where he discussed options for purchasing the house. “I was already a member with ESL, always had good luck and they were fair,” remarked Ray. “I figured I would call them and see what they had to offer. They made it so easy.”

Funds for down payment assistance was something he was seeking as part of the process, and was pleased to learn that ESL offered the Homebuyer Dream ProgramTM to provide $9,500 in grant dollars to be used toward closing costs.

Help Along the Way

Ray admits working with computers is not his strong suit and found handling a mortgage application online came with few hiccups. Whenever he had a question, he would pick up the phone and call the ESL team.

“There were four different individuals I worked with throughout the process, as they each handled a different piece. Every time I would call, everyone was so helpful and patient with me. It was clear that each and every person I spoke with cared and wanted to help me.”

Getting Prepared to Buy

One of the requirements to receive funds from the Homebuyer Dream Program was to take a homeownership counseling course.

“The course was very educational and informative of what I would be responsible for as an owner versus being a renter before. There were many things about owning a home I thought I knew but learned more about.”

Describing the Feeling of Homeownership

One of the most important pieces for Ray and his family was the ability to remain in the home and all it meant to them.

“It feels fantastic to own, it’s an unbelievable feeling to have all the work you’ve done throughout your life bring you to this moment. All the memories that we had in this home could continue. We’re still making more memories together when the kids come to visit.”

Advice for Other Homebuyers

Keep the faith. Working through the mortgage process is not as hard as you may think. “Everyone at ESL will take the time to guide you through the process. I never felt frustration because ESL made it nice and easy.”

Congratulations to you and your family on your home purchase, Ray!

Homebuyer Dream Program is a service mark of the Federal Home Loan Bank of New York.

Learn more about how to navigate the home buying process, and what you can expect on the road ahead.