Four Years of Housing Counseling Finally Pays Off

While living in a public housing unit rented through the Nashville Metropolitan Development and Housing Agency (MDHA), Carla heard about some free counseling being sponsored by a local HUD Housing Counseling Agency in Nashville called Woodbine Community Organization (http://www.woodbinecommunity.org). She had always wanted to purchase a house, and thought this might be her golden opportunity to live in her own home. That one session of free counseling eventually would change her life.

Cathie Dodd (left), Executive Director of Woodbine Community Organization in Nashville with Carla Moore, a new homeowner counseled by WCO

When Carla Moore visited the Woodbine Community Organization in South Nashville for the Homebuyer's Club classes offered there, little did she know that the training would be for the "long haul", or much less, that it might take years for her to obtain her dream of homeownership. Carla decided to take a jab. Why not? All that could happen is that she might never achieve her dream, she thought; but then, think of all the education about how to buy a house or how to obtain credit, banking and mortgage requirements, and homeowners' responsibilities she would learn. Needless to say, the only person that could make the decision to go forward, was her...only her, and nobody else. Yes, she received optimism and hope. She received pats-on-the-shoulder from her friends and family. It was all up to her.

With the trusting encouragement of Mike Green, a counselor with the MDHA Family Self- Sufficiency Program, and with Woodbine's Executive Director, Cathie Dodd, who was teaching the day Carla became interested, and after four years of training and counseling, Carla began to realize her new dream of homeownership. Blakemore United Methodist Church, Pinnacle Bank, and Woodbine worked together to award Carla a grant using Federal Home Loan Bank funds and the church's Housing Trust Fund (http://www.blakemoreumc.org). Carla was identified and approved to receive the grant and to build a new home.

Carla found herself joyfully picking out all the details of her new home. She was nervous that this was the right thing for her and her daughter. Would she be able to afford the mortgage? Is this really true? In reality, she knew it was going to be "all good" because of all she had learned after four years of credit management! This was a big step for Carla, but deep-down she now knew the hardest part was over.

She's now a proud homeowner in a newly-built home that she is financing. After closing on April 1, 2009, Carla returned to Woodbine with her closing documents to file her taxes. Woodbine is an approved VITA site - a free service. Carla didn't know when she walked in, she would be eligible for the new $8,000 tax credit available to first time home buyers. She was eligible, and she filed for it! When asked her what she will do with the money, Carla's answer was to buy two French storm doors for the house and put the rest in savings.

"Many first-time graduates and homeowners don't know they are eligible, but if one hadn't owned a home in three years, they might be eligible. Even though it took Carla four years to become "mortgage ready", usually it takes at least two years just to clean up one's credit. The more debt they have, the more time it may take, but it's worth it in the long run," said Ms. Dodd.

Carla plans to continue her financial education at Woodbine every month and to keep herself on track as she needs it. How important is the Woodbine Community Organization to Nashville? Currently, over 300 graduates now own their own homes.