New Post-Purchase Education Program Helps Homeowners Thrive

Posted on by HabitatAdmin

Once a homeowner has purchased their home, Richmond Metropolitan Habitat for Humanity’s work does not end.  Our Family Services Manager, Amy McDaniel, continues to provide support and educational opportunities for each one of our homeowners.  In the last year, Amy has focused on creating new post-purchase educational programs that will continue to help our homeowners and their families.  This holistic approach will help to ensure that our partner families thrive now and for the rest of their lives.

Thanks to a generous donation from Capital One, Richmond Metropolitan Habitat for Humanity is able to provide a wonderful new post-purchase education program to our homeowners.  Richmond Metropolitan Habitat for Humanity’s post-purchase education program is designed to give delinquent homeowners the tools necessary to make better money management decisions in order to pay their monthly mortgage payments on-time each month.

Paying late comes with significant negative consequences for our homeowners and their financial standing, such as paying late fees and lowering their credit score.  A low credit score affects the interest rate our homeowners receive when they need to borrow money, the amount they pay for insurance and can also hinder their ability to obtain a job.  Foreclosure is also another real and serious consequence of paying their mortgage late.

Post-Purchase program includes 4 financial literacy classes:

  1. Good Credit and Repairing Credit
  2. Saving to Build Wealth
  3. Manage Your Money Wisely
  4. Keeping Your Home

Along with the 4 classes, our homeowners also meet one-on-one to discuss a spending and savings plan, as well as, create an action plan to help find solutions to paying their bills in-full and on-time each month based on their specific financial situation.

A volunteer from Capital One taught the four courses during the month of December.  Seven homeowners participated in the pilot program.  Participants are now going through the second phase of the program, meeting one-on-one with the Family Services Department to create action plans for saving and paying bills on time each month.

For more information, please contact Amy McDaniel at (804) 232-7001 ext. 105 or amcdaniel@richmondhabitat.org.

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