Tia Nobles came to her first pre-purchase housing appointment in December of 2020 after she attended a Homebuyer Workshop at Solita’s House. Ms. Nobles is single and young and wanted to buy her first home before her lease expires in June of 2021 but realized that she needed guidance in the process. She also felt that she earned a good income but had no savings and was seeking assistance in managing her money with a budget that would meet her needs first and eventually would allow her to have the recommended savings to help her buy a home.
The client’s income did not allow her to apply for DARE as it was over 80% AMI and was then educated on possible other sources of down payment and closing assistance and is attracted to use lenders that would provide a good interest rate and also help her financially with funds if she uses their services.
The client was provided with a list of creditors to get estimates from and is now in the process of selecting a lender that meets her criteria. She will also select a realtor that works closely with this agency.
The client was counseled and a budget was prepared and agreed upon. This budget, based on a “needs vs. wants” basis would allowed the client to meet all of her financial responsibilities and would also help her add to her savings. Discussed was the fact that in order to succeed with this budget she would have to make some personal sacrifices and eliminate much of her
discretionary spending and she enthusiastically agreed to do so.
As a result, the client made the necessary adjustments and in February, got a roommate and she has managed to save over $1500.00 and plans to adopt a “budget mentality” so that she can save for the future purchase of a home but to also to budget for the future with a long range plan to have in her savings at least six months of the basic expenses after she buys her first house to offset any potential emergencies.