A 32-year-old single father of two, both living at home, came to us for help. He has a stable job and was looking to purchase a home of his own. He came to us for savings plan and budgeting help so he could pursue a mortgage that would be more affordable in the long term.
Within six months, he saved over $1,000 for a down payment and raised his credit score by 24 points to meet credit score requirements for homeownership. His initial budget showed about $300 left over after making monthly payments, and he used that time to pay down and pay off debt. Within this timeframe, he paid off two loans, saving over $360 per month in payments that were added back into his budget.
He is on track to have a home financed by early summer with a low down payment and a monthly payment comparable to his current rent payment.
