Omontes Feather a New Nest With the Help of PrivateMI
Nancy and Frank Omonte were renting an apartment in Bridgeport, Connecticut when a visit to Florida changed their lives. They fell in love with the warm weather and sunshine and resolved to relocate, with or without jobs.
Frank, who grew up in Peru, moved to Connecticut as a teenager and always hated the cold weather. Nancy, a Connecticut native, had tired of their one-bedroom rental, but found the homes they could afford were too small and run-down.
Florida appeared to be the answer to their dreams. They not only loved the climate, but also believed they would get more house for their money. They quickly discovered a wonderful 3-bedroom home they wanted to buy in Naples, a community on the water. Then, Frank found a job as a membership director with the YMCA. As everything fell into place, the move seemed as if it was meant to be.
However, one problem threatened to thwart their plans. The house was too expensive for them to be able to put 20 percent of the purchase price as a downpayment. It was Frank’s idea to use private mortgage insurance, or PrivateMI, which would allow them to put down a smaller amount and still buy the house they wanted.
Nancy agreed readily. "It was a good deal to put down less. We just couldn’t have afforded this great house that we wanted if we had had to put 20 percent down," she said.
PrivateMI from Radian Guaranty Inc. was arranged through their lender, helping the couple buy the house, furnish it and fix it up. "If we hadn’t had PrivateMI, we would have had bare rooms and walls," Nancy observed. "We wouldn't have been able to get a new bedroom set or a recliner, or paint the house. We would have had to put all the money towards a downpayment instead."
Nancy and Frank have adjusted quickly to their new surroundings. Their Florida house is much more spacious than their old cramped apartment, and they appreciate the peace and quiet of a single family home. "In the apartment, I didn't like that you could hear everything that went on in the rest of the building – kids going bang, bang, bang, or a neighbors' party," Nancy remembers.
They are also relieved to have their own garage and driveway, which is much better than in Connecticut, where they had only one reserved parking spot for two cars. "Parking was a big deal. When you went home, you never knew if you’d find a spot, and if you didn't, you'd have to park a much longer distance from the house," Nancy said. "It got to be a real pain."
Both the Omontes feel that Waterways of Naples, the development where they live, has a lot to offer single adults and families. "There's a pool, tennis and basketball courts, a playground, and lots of organized activities for kids and adults at the clubhouse," Nancy said. "And, it’s only 25 minutes from the beach."
Would they ever move back to Connecticut? Nancy admits it was hard to be so far away from her family at first. Frank also misses the relatives he left behind. But they both agree they’d never go back.
"Whenever I start having any doubts, I see a beautiful sunset from my home's private porch. Then I remember our deck overlooking the parking lot back in Bridgeport, and those doubts just evaporate," she said.