Queen Peterkin came in for her first counseling appointment later in 2019 and had a goal of qualifying for a mortgage loan in order to provide a home for her family. She was also seeking assistance in obtaining the needed down payment and closing assistance. Peterkin acknowledged that she was not ready to apply as she had many barriers to overcome.

The client initially had low credit scores and was counseled on the proper way to improve the scores. She soon started working on reducing her high credit use and she also eliminated some small collection debts that were negatively affecting her credit scores. The result of this hard work was a credit score of 700!

She also needed guidance on the proper way to manage her money in order to build up the necessary savings to meet costs associated with buying a new home. A budget was then developed for her to follow and this budget allowed the client to start a savings plan and also reduced her discretionary spending. The client now budgets with a “needs vs. wants” mentality and has more than the recommended amount of money saved for emergencies and to help her buy a home.

Still, the client needed assistance with down payment and closing and was referred to participate in the City of Tampa’s Dare to Own the Dream Program and her funds were eventually reserved.

The client was also assisted in selecting a lender that would give her additional financial help with good interest rates and settled on Bank of America with Ms. Bonner as her Lending Officer.

The client is now mortgage ready and in the process of looking for a home to buy with the help of her realtor.