Paul Carranza began counseling and during their first session client and counselor (Monika Milone) reviewed their credit, savings and money management and affordability.
Paul had an average 709 via credit karma. His credit card utilization was between sitting at 39% and it also showed that she had no collections, but six open accounts sitting at $1024 in monthly debt. After reviewing the need for personal savings/reserves and lender/DPA requirements, the client and counselor set goals and action plans for the client to help him. Client and Counselor discuss all the different option and with the purchase price and goal the client had. The only possibly the client had was for him to make double (plus) payments on his auto loan and to place every extra penny in his savings. Client knew what he needed to do because they were waiting for the quarantine to be up and their daughter to be back from over-seas and they wanted to be purchased if possible if they could before then. He was also finishing his nursing degree and wanted to purchase as soon he graduated.
Knowing that his happy debt number was under $655.00, every month the client would come to their per-purchase counseling sessions with more and more savings and less credit card utilization and more of their auto loan knocked off! Mr. Carranza worked heavily on reducing his DTI money management, which resulted in extra funds to pay down her utilization.
The Carranza’s closed on their property!!! The clients were so excited about their process!