Despite struggles, home ownership is on the horizon now

August 9, 2024

Emotion is evident, even during a phone call. LaTasha obviously fights back tears as she recounts her struggles with debt and money management as she moves toward her goal of becoming a home owner.  The process has been neither quick nor easy; however, it’s ultimately rewarding. LaTasha will soon move forward toward connecting with a loan officer, submitting the appropriate paperwork, and finding a home she can afford. Homeownership is the prize.

In 2019, LaTasha connected with Marilyn, one of the Food Bank of Delaware’s Stand By Me coaches, through One Stop Shop, a  program designed to support Section 8 housing residents as they work toward becoming home owners.

Stand By Me offers free personal, private, one-on-one financial coaching through a partnership between the Food Bank of Delaware and the state of Delaware. LaTasha said she needed help to improve her credit rating; One Stop Shop requires program participants to attend classes in order to learn and implement financial literacy.

Not all clients focus on mortgage approval; some need help in budgeting, learning how to save or eliminating debt, explains Marilyn, who says that clients frequently need ongoing support to stay focused and manage budgets. She assisted LaTasha change the way she budgeted her income. “It had her realize she was spending that much money. She changed, took care of her debt, and saved money,” Marilyn said.

LaTasha praised Marilyn’s commitment and knowledge. “She’s on point. She tells us what to do, to work on, to start with the small bill,” she said, noting that she shares what she’s learning about personal finance with her teen-age daughter. This mother of two daughters, age 16 and 6,  has worked in security for 14 years.

As she was taking steps to repair her credit, LaTasha said she had to reach out to Marilyn outside the Zoom meetings every other week. “She always had an open line of communication, always returned my call,” she said.

Marilyn is pleased that LaTasha is able to meet her goal. “She is ready to purchase. She’s doing good. She took a little bit of time, but she did it.” she noted. The Wilmington Housing Authority program supports clients move from renting to home ownership for 15 years after the purchase.

Despite what she calls “a nice long journey,” Latasha is proud of her progress, and rightfully so.

To learn more about Stand By Me coaching at the Food Bank of Delaware, click here.