Yomary Almonte couldn’t believe her ears when she heard the words, “You are approved to buy a home for you and your family.”
The news was a dream come true for Almonte who immigrated to the United States from the Dominican Republic five years ago in search of better opportunities for her family. The departure from her home meant leaving her country, her family, and her beloved hair salon where she worked for more than a decade. It meant leaving everything she had known her entire life to pursue a better future for her loved ones in an unknown place.
When she moved to Pittsfield, Mass., a community member told her about Greylock Federal Credit Union. “Greylock loves to help the immigrant community,” her new friend told her.
Almonte visited Greylock to learn more and that’s where she met Gloria Escobar, the credit union’s Senior Community Relations & Latinx Financial Wellness Coach.
“When I met Yomary, we started her financial education journey,” said Escobar. Almonte confessed to Gloria that her biggest dream was to buy a home for herself and her family, a dream that she believed would never come true in her home country.
“I remember telling Yomary that we could help her make this dream possible here at Greylock,” Escobar added, “but it’s going to require some work.”
Escobar and Almonte began working toward that goal immediately. Escobar helped Almonte to open accounts at the credit union and apply for an Individual Taxpayer Identification Number (ITIN). Immigrants who do not have a social security number are required to have an ITIN to apply for loans, such as credit cards, auto loans and mortgages.
While some firms or agencies may charge hundreds of dollars to help an immigrant apply for an ITIN, the service is free of charge at Greylock. In 2023, Greylock approved 660 ITIN Loan applications for $7,172,409, and are on pace to exceed that number in 2024.
For Almonte, this was the beginning of an exciting journey and she was excited to get started. She obtained stable employment at a local eatery to ensure a steady stream of income.
As soon as Almonte received her ITIN, she began working with Escobar to build her credit history. She began with a $1,000 personal loan and a $500 secured credit card. Almonte was very responsible with her loans, Escobar reflected, making her loan payments on time and not spending more than 30 percent of her credit card limit. Almonte worked overtime, ultimately saving enough money for a down payment and to pay her taxes.
In June 2023, Escobar told Almonte that it was time to apply for a home loan.
“At first, Yomary was confused and nervous. She couldn’t believe that a woman, a hairdresser and mother of three children could ever buy a house,” Escobar said.
Because of Almonte’s hard work and dedication to build up a solid credit score, she was qualified to make a lower downpayment and still receive her home loan with no mortgage insurance requirement. In addition, she qualified for Greylock’s First-Time Home Buyer Credit – saving her even more money.
In December 2023, Almonte bought a beautiful house in Pittsfield. “Greylock changed my family’s life,” she said with a broad smile, “my house is a place where I feel happy, at peace, and free.”
If you or someone you know could benefit from an ITIN or an ITIN loan, please call Greylock’s at (413) 236-4000.