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CommunityMarch 27, 2025
Like many Americans, Vanessa and her family were renters all their lives. She and her partner Jim, and their two daughters longed for a place to call their own. As a self-employed worker, Jim had a unique financial situation, so the couple decided that Vanessa would be the sole applicant when they applied for a mortgage loan.
Because Vanessa and Jim wanted to make a wise investment, they decided to primarily look at fixer-upper homes, which would be more affordable. Luckily, Jim had the skills and expertise required to rehab whatever home they purchased.
Never having needed to familiarize herself with the home-buying process before, Vanessa wisely decided to look to the experts – professionals in the field to help her navigate and “unmuddy” the homebuying waters. It was then that she met GLCU Foundation for Financial Empowerment’s HUD-certified housing and financial counselor Jeannine Folan.
With Jeannine’s help, Vanessa was able to determine how much house she and her family could afford. From there, she created a homeowner budget, received a free copy of a tri-merge credit report (similar to the ones that lenders use), learned how lenders were going to evaluate her and how much money she needed for the down payment and closing costs.
Vanessa’s credit scores were already very good when she came to counseling, but Jeannine gave her an impactful suggestion on how to improve them even more, including a recommendation for improvement in one of the criteria that contributes to 30% of her score. This is important because the higher the credit score, the lower the interest rate that a homebuyer can get.
Jeannine counseled Vanessa about the different kinds of loans available and also about the different kinds of down payment and closing cost assistance programs available. When she was ready, Jeannine provided Vanessa with a list of trusted lenders.
There are many down payment and closing cost assistance programs available and many can be layered with other programs to maximize the amount of money the homebuyer can access.
After counseling with Jeannine, Vanessa felt empowered to begin the mortgage process. She applied to two of the lenders on the list Jeannine provided. One of the lenders, the Canadian Imperial Bank of Commerce (CIBC), had a local branch in the Chicagoland market. Based on Vanessa’s application, CIBC was able to provide her with multiple grant programs totaling $38,500! This money, while carrying some stipulations, is all grant money and does not have to be repaid! With this phenomenal news, the couple was thrilled and eager to begin looking for a home to call their own!
The assistance greatly enhanced Vanessa’s budget. The grant, coupled with an increased salary due to a promotion at work, enabled her to be able to buy a much nicer fixer upper than she had originally anticipated!
She closed on the home before her 48th birthday and she and her family are now happily living in their new home, thanks to a little tenacity and help through housing and financial counseling.
The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.