The Ly Family


The Challenge:

The Ly family spent over two decades renting in the extremely high-cost Silicon Valley, with dreams of finally owning a home. According to the National Association of Homebuilders’ Housing Index, Silicon Valley ranks second behind New York as the least affordable place in the country to live. With help from Housing Trust Silicon Valley, the Ly family was able to buy their first home in San Jose.

The Lys came to the United States from Vietnam in 1990, leaving everything behind to give their son Ken an opportunity at a better life. The family worked paycheck to paycheck to rent an apartment in Silicon Valley until, not long after they settled in, the complex was destroyed in a fire. Having lost everything, the family found themselves having to start over for a second time. “Our lives were never easy, we’ve been through many hardships but we stayed strong,” Ken told Housing Trust, “From 1990 to 2013 – we have moved a total of 7 times; not because we wanted to, but because we had to. From apartment to apartment, from house to house, we’ve been renting for 23 years.”


The Solution:

Housing Trust Silicon Valley offers multiple loans to meet the needs of low and moderate-income first-time homebuyers. The Ly family received a $45,000 loan to assist them with their mortgage on a below-market rate home in Sunnyvale. This type of loan is commonly used by homebuyers to keep their monthly costs down by preventing them from having to pay any mortgage insurance. The Ly family settled into their new home in March of 2014. “Finally,” Ken said, “We are moving because we want to and to a house that we can now call our home.”


To learn more about our first-time homebuyer loans click here.