April 10, 2024

BayCoast’s Down Payment Assistance Program Helps New Parents Afford Dream Home

Mario Botelho always dreamed of owning a home, but with rising prices and fierce competition in the South Coast real estate market, finding the perfect place to settle down with his growing family, while saving up for a down payment, were big hurdles.

“My home search was horrible, just horrible. It was taking a very long time to find something and I honestly thought I wouldn’t find a home,” said Botelho. As a new father to a one-year-old, finding a home was a top priority for Botelho and his girlfriend Veronica. When they finally did locate a property to purchase in Tiverton, Rhode Island, Botelho says he was preparing to finance it through another mortgage company. “I was going with another lender at the time,” said Botelho. “The deal was almost done, but then a friend reminded me that Tim was in the mortgage business, so I gave him a call.”

Tim Long, Vice President and Senior Loan Officer for BayCoast Mortgage, and Botelho knew each other as kids, growing up in Fall River, Massachusetts. Tim suggested Botelho look into BayCoast’s highly successful DPA program, which was established to help qualifying buyers in the community afford their first home.

“Mario’s income didn’t fit the other lender’s down payment assistance requirements, but for BayCoast’s in-house, custom DPA program, Mario fit the criteria perfectly,” adds Long. “He and his girlfriend were initially in disbelief, but we made it happen for them. BayCoast saved the day!”

“The DPA grant has made an unbelievable difference,” said Botelho. “Tim was amazing and the entire experience with BayCoast was great. We are extremely happy.”

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