By Lynn French | Executive Director
Give Us Credit
A place to call one’s own is a dream come true. Many of the Hope and a Home families have home ownership as their family goal. Strong credit is essential for families to realize their dream of homeownership. There are often credit issues that were not addressed by the family prior to coming into Hope and a Home. It can be discouraging for a family to deal with debt and not know where to begin to repair it. At Hope and a Home we start from day one to help families find the path to a good credit rating and eventual homeownership. Hope and a Home requires that each family meet with a credit counselor in the first month of entrance into our program. The credit counselor works with them on establishing a clear action plan with manageable steps. In addition, each family maintains a monthly budget and strives to live within their means, saving a portion of their income to go towards paying off their debt.
Joanie was determined to own her own home. She had made some bad choices in handling her money in the past and also ended a relationship that had left her straddled with heavy debt. She was committed to turning around her finances one step at a time. She increased her income by obtaining a better paying job. She kept in close contact with her credit counselor to help her decide in what order to pay off her creditors, and she paid all of her bills on time. She saw her credit score begin to climb. She joined a Homebuyer’s Club that prepared her for homeownership so that when she was ready to buy a home she was approved. She and her family have been proud home owners for over 3 years now.
Frances is a single parent with one child. She wanted to have a home that she could call her own. She meticulously budgeted her money and benefited from Hope and a Home’s Savings Bucks incentive program that rewards families $25 for each month that they stay within their budget. She paid her rent on time every month. While her debt was not overwhelming, she still had much that she had to pay off. She juggled many things in her life –providing a nurturing home for her child as well as working and going to school. She kept her goal before her. As Frances was nearing the end of her time in Hope and a Home she applied to a housing cooperative. Those selecting her found her to be a very credit worthy candidate and quickly approved her for her cooperative unit. She now owns her own unit and is very pleased to show off the many decorating touches that have truly made her house a home.
There are many like Joanie and Frances who are now positioning themselves to be homeowners. It is an exciting time at Hope and a Home.
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