As immigrants from Haiti, members M and E were renting an apartment that was significantly overpriced. They both had jobs and wanted to own a home, so they came to Suncoast and applied for a mortgage. Unfortunately, they did not qualify due to income limitations and a lack of credit. Neither M nor E had any understanding of how the banking and credit system worked. In fact, they believed they needed several credit cards to establish a credit file.
Although this was disappointing for M and E, staff took a personal interest in helping them and used the opportunity to educate them on how the financial system works. This included explaining that they did not need multiple credit cards, the importance of budgeting, and referring them to our Balance financial education vendor. Balance provides a variety of financial resources, including budgeting tools, savings education, and guidance on purchasing a home. We also reviewed their budget together and issued a starter $300 credit card to help them begin building their credit file.
Recognizing that the members still had a long path ahead to qualify for a traditional mortgage, staff identified Habitat for Humanity as a better option. M and E were guided to the Collier County Habitat for Humanity program and were accepted. Over the next year, staff continued to mentor them. Combined with the required sweat equity to build their home and down payment assistance from Collier County SHIP, the members were able to close on their home.
Since that time, the members have opened a checking account and had their credit card limit increased to $20,000, with only a $4,500 balance. M and E started with no credit and now have a credit score of 766. They are thriving and overjoyed that they were able to purchase their own home. Although Suncoast was unable to provide a mortgage initially, the impact was life-changing. By caring, listening, identifying their needs, and understanding their financial abilities, we were able to provide valuable financial education and guide them to a program that fit their situation.
Success is not just about getting a loan. It is about much more.
