Nine Families Transform Their Financial Lives Through The MCU Foundation's Finding HOME Program
Families Pay Off $58K in Debt, Save $74K Collectively in Program
LA CROSSE, Wis., Aug. 20, 2020 /PRNewswire/ -- This month nine families, who never thought they would be able to buy a house, will own a home (or be ready to buy one) through the Marine Credit Union (MCU) Foundation's Finding HOME Program.
Finding HOME is a free financial literacy program for credit-challenged borrowers that grants them a home loan at the end. The program helps families improve their finances, achieve homeownership, and develop skills to keep financial stability.
Since the Finding HOME program began in May 2018, the program has proven remarkable success for local families. Collectively they have:
- Paid off over $58,000 in debt.
- Saved over $74,000.
- Improved their credit scores an average of 84 points per adult.
The families include three single moms and 25 children who are now (or will soon be) in safer, more stable homes.
Family Story: The Samsons
Recent graduates Anasthasia and Stuart Samson spent 15 months in the program. "I first heard about Finding HOME from my daughter's Head Start teacher," said Anasthasia. "To our surprise, we discovered this is a program that can help us reach our goal of buying a home, even with student loan debt and not stellar credit."
Throughout the program, the Samsons raised their credit scores a combined 175 points, saved almost $10,000, and paid down 35% of their total debt. The family bought their home, for their family of seven (five daughters) in July 2020. "We are so thankful to the Marine Credit Union Foundation for having a program available that could help not only buy a house but change our lives!" said Anasthasia.
About Finding HOME
Finding HOME is administered by Majel Hein, Marine's Financial Literacy Counselor in La Crosse. Majel has counseled 167 people in the La Crosse area to find their best path to homeownership. 71 have entered the Finding HOME program, and 41 others have been guided to the right mortgage lending products or programs for their families. The other 55 people were given steps on how to improve their finances and move towards homeownership.
SOURCE Marine Credit Union
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