The Santa Fe Business Campaign for Homeownership, developed by Homewise, fosters partnerships with local employers to assist employees in purchasing a home in Santa Fe. The local hospital, CHRISTUS St. Vincent Regional Medical Center, is a partner in providing down payments and/or closing costs and second mortgage capital to qualifying employees.
Diese Graves works at CHRISTUS St. Vincent Regional Medical Center in the billing department. Soon after a Homewise outreach presentation at the hospital, Diese came to Homewise with her documents and a counseling session was scheduled. Diese’s husband, Alphonse, is a sales associate with a local furniture company. Diese's counselor informed her that their combined income and debt was acceptable to qualify them for a mortgage loan.
Diese and Alphonse needed to tackle their credit and savings in order to make homeownership a reality. Homewise developed an Action Plan specifying issues to work on to improve these areas. They attended the Homewise literacy class to learn how to develop a household budget to help them to save the needed money for a down payment.
Less than a year alter, they had improved their credit scores by reducing their standing credit card balances. They had saved enough of the down payment to start looking for a home.
Just a few months later they went under contract and closed on their new home.
In 13 months, the Graves had:
paid their collections in full, increased their credit score,qualified for the CHRISTUS St.Vincent Regional Medical Center closing cost assistance and second mortgage capital eliminating mortgage insurance, and increased their savings from $0 to $9,400 – enough for their down payment and two months mortgage payments in reserve.
Diese and Alphonse are very happy in their new home and more financially secure than at any other time in their married life.