Lucille was approaching her 20th birthday and decided that it was time for her to move out of her family’s home. She had received an inheritance and wanted to use the money to invest in her future. She did not have any established credit and knew she needed help.
Lucille was researching programs and different options to become a homeowner when she was connected with CIG. Marissa was the first specialist to speak with Lucille and they discussed how amazing it was for her to be investing in her future and taking these steps to secure a home at such a young age. Lucille knew she would need to establish her credit and was excited to find a program that would help her achieve this.
Marissa connected Lucille with her personal specialist William who walked her through the process. They discussed the items that lenders like to see on a credit report and William set up a step-by-step map for Lucille to follow including resources for credit cards and establishing installment accounts that would be easy on her DTI.
Lucille got started right away establishing her credit by getting a secured credit card. She then was able to obtain another credit card a few months later and she made sure to keep her card utilization rate under 30%. Within 3 months’ time, Lucille had a 660 credit score and was ready to talk to CIG’s home ready desk.
Lucille was well on her way but she had limited work history and had not filed 2 years’ worth of taxes yet. The home ready desk let her know that this would be required and Lucille told them she would need to wait a month until the end of January to be able to file her most recent taxes to have a full 2 years of work history.
As soon as her taxes were complete, Lucille contacted her specialist who sent her back to the home ready desk. She passed the audit with flying colors and was referred to Amber at Village Capital. It had taken Lucille several months to establish her credit and meet all the credit requirements, but once she was pre-approved she was able to find a home she liked and closed the loan quickly. All in all, Lucille was able to become a homeowner 9 months after signing up with CIG.