Could you explain the new Pathways to Homeownership program?
Our Pathways to Homeownership program is designed for those applicants that do not quite qualify for our traditional Homeownership Program. These applicants typically have a little bit more debt than we can approve. This program is to help those applicants pay down that debt (up to $5,000) in order to qualify for our Homeownership Program. Applicants then sign a promissory note with Habitat to repay their debt with a 0% interest loan.
Why do we have this program?
The generous gift from philanthropist Mackenzie Scott enabled us to create this program. It is geared towards those individuals who fall just outside of our normal qualifications. We recognize that providing families with a pathway towards affordable homeownership can have a generational impact and we want to help applicants in any way we can.
What organization do we partner with? What kind of classes are offered?
We partner with the Akron Financial Empowerment Center (FEC), which is a program of United Way of Summit & Medina County. The FEC provides credit counseling and assists applicants with negotiating payoff amounts for items in collections or items that have been charged off to bad debt. We require that all applicants meet with the FEC on a schedule created by the FEC. Applicants are also required to complete the 8 hour HUD Homebuyer Education during their time in the Pathways to Homeownership Program. In addition to these requirements, we invite these applicants to all of the same classes our Partner Families attend – these are not required.
What is the goal of participants going through this program?
The goal is to help applicants pay down their debts in order to qualify for our homeownership program and to take positive financial steps to help in this process.
I am thankful for the opportunity to go through this program. I have wanted a house for my children and grandchildren for a long time. My goal is to own a home. I am willing to learn whatever will help me and my family succeed.
Going through the classes helped with my savings and keeping my credit right, especially talking to the creditors about getting my credit on track. Go for it, apply for the program! God can make the impossible possible.