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GLCU Foundation’s First-Time Homebuyer Seminar Made Birthday Dream Come True
CommunityApril 30, 2024
Carol had been renting a small, overpriced apartment in the Uptown area of Chicago for more than 15 years. While she enjoyed her space, she felt a growing need to follow the American dream of becoming a homeowner. Realizing the importance of having a target, she established a deadline to purchase a home by her 59th birthday in February 2024.
Like many first-time homebuyers, Carol was overwhelmed and didn’t know where to start. She began educating herself on the homebuying process and in August 2023, she registered for the GLCU Foundation for Financial Empowerment’s first-time homebuyer workshop. She learned about getting preapproved for a mortgage, understanding her credit score, eligibility requirements for mortgage assistance, and much more. Carol said the 6-hour webinar was, “very informative, and the speakers from the GLCU Foundation and the Realtors were empowering.”
With her confidence bolstered, Carol then consulted with Shevon Johnson, a Housing and Urban Development (HUD)-certified housing and financial counselor at the GLCU Foundation for Financial Empowerment. Under the guidance of Shevon, Carol realized that her credit score and budgeting skills were on par. Shevon then advised her of her debt-to-income ratio, and discussed what price range would be the best fit for Carol’s budget, with a monthly payment she could feel comfortable with.
During the homebuying process, Carol had a lot of questions. Helping Carol feel empowered was important to Shevon, and Carol felt reassured knowing that Shevon was there to assist her. “I had a number of one-off questions and Shevon was always helpful and informative,” Carol said. “When I asked her if I should buy a condo or a house, she suggested I attend one of the GLCU Foundation's monthly online seminars about condo buying. This seminar was invaluable, and I was able to personally weigh the advantages and disadvantages of owning a condo and decide for myself.”
As she guided Carol through the homebuying process, Shevon helped Carol find a mortgage lender. After Carol was approved, Shevon discovered that Carol was eligible for assistance with the down payment. This assistance is specifically available to first-time homebuyers who qualify.
Thanks to the down payment assistance, Carol saved enough money for her closing costs and moving expenses. She reached her goal of homeownership with weeks to spare!
Carol closed on her 2-bedroom, 2-bath townhome in South suburban Richton Park at the end of January. "This is the ultimate birthday present," she said. “I am extremely grateful for all the awesome assistance that Shevon and the GLCU Foundation provided to me. Your seminars really empowered me to take the next step in my journey and achieve my dream.”
If you or someone you know is in need of free financial and housing counseling assistance, don’t hesitate to reach out and schedule a free screening.
The information in this post is for educational and informational purposes only and does not constitute investment advice. You should consult a licensed financial advisor before investing in any financial product or service.