In October of 2018 Rosa and her family were living with extended family while she was attending school to become a certified medical coder. Rosa really wanted to move her family into a home of their own, but she wasn’t sure if she could afford it or where to start. She received some information from Clinch-Powell at a Douglas Cherokee Headstart Parent Fair and decided to call. One phone call and her journey to homeownership began!
Rosa submitted her application in October. She was almost ready to qualify but needed to address a few past credit issues in order to bring her credit score up and to find financing that she could afford. Andrea, our mortgage loan specialist, referred her to our pre-purchase counseling department where Suzie, our counseling manager was able to give her a clear plan of action for dealing with credit issues and getting her budget prepared for owning her own home.
Rosa got right to work. She followed Suzie’s plan and, after only one month, had already brought her score up by 29 points! Almost there! While she continued to work on her credit improvement plan, she participated in Clinch-Powell’s Homebuyer Education Class and learned about how the loan process works, money management techniques and home maintenance tips. Studies show that first time homebuyers who take homebuyer education are less likely to go into foreclosure and are more successful in homeownership.
By January Rosa was ready for an appointment with the lending department to decide what type of loan best fit her family. Andrea laid out all of her options. Based on her family’s income and her desire to stay in Grainger County, she decided to build a new home in our Pleasant Ridge Community, a lovely mixed-income development in Bean Station. She was able to qualify for a USDA Section 502 Direct Loan, which provides affordable financing for families with modest income in the form of income based payment assistance. In addition, Clinch-Powell was able to provide Federal HOME grant dollars through our partnership with the Tennessee Housing Development Agency (THDA) to cover some costs in construction and closing. The grant is up to $14,999 and helps low income borrowers to qualify for better quality housing while maintaining an affordable payment.
Rosa was able to choose from several homes under construction in Pleasant Ridge. She chose a beautiful 3 bedroom, 2 bath with navy siding. Construction finished a few weeks ago, and today she is officially a homeowner just in time to finish out National Homeownership Month. Providing affordable options for families like Rosa’s is a big part of Clinch-Powell’s mission. Rosa is a great representation of all the clients we have served in our homeownership programs. #30faces #30years #nationalhomeownershipmonth