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A house wasn't all that she won
To qualify, Charlotte teacher had to improve credit, learn about ownership ALLEN NORWOOD Home Editor Brenda Williamson hears all sorts of comments after people find out she won a new house. Reactions range from "Congratulations" to "Wow, you're lucky!" "One person told me, `You must have been doing something right.' " she said. "I liked that best, because I try to." Williamson has learned that trying to do the right thing is no guarantee that you won't stumble. Also, that simply qualifying for the home drawing offered big rewards. All the limited-income families eligible had polished up their credit, learned about mortgage options, completed ownership classes. Even if she hadn't won, she would have been ready to buy. Stretched thin Brenda Williamson went back to school at 35. She earned her bachelor's degree in psychology from Francis Marion University in Florence, S.C., three years later.She moved to Charlotte in 2001 to take a job teaching special needs kids in the Charlotte-Mecklenburg school system. She took additional courses to earn full teaching credentials. She's 42 now, working on her master's in child psychology at UNC Charlotte. "Going to college, I had to quit my full-time job," she said. "I had to take out student loans. They were due when I came to Charlotte." She was stretched thin but getting her finances in order, she said -- and then, just months after she arrived, she got hurt and ended up in the emergency room. "About $2,000 in charges weren't covered by medical insurance," she said. "I got behind. And once it hits your credit report, it doesn't matter whether it's just $5. It has major derogatory impact." She isn't sure where she learned about the Affordable Home Giveaway sponsored by the Charlotte Regional Realtor Association. Either in the newspaper, or on charlotte.com, the Observer's Web site. But she saw it as another opportunity. In order to qualify for the giveaway, prospective buyers have to complete credit and homeowner classes through the Charlotte-Mecklenburg Housing Partnership. The housing partnership's Felicia Morgan, who worked with Williamson, said Williamson's credit struggles were typical. Medical bills, for instance, are a common problem for families stretched thin. "A majority of (past due) collections are the leftover residue of bills that (medical) insurance didn't cover," Morgan said. Williamson learned to read a credit report -- she never had even seen hers -- and why the report is so important. She learned the language of
mortgages, and potential financing pitfalls to avoid. She learned that she didn't want to tangle with collection agencies. Williamson said she raised her FICO score 50 points. Also, she learned that FICO stands for Fair Isaac Corp., and that the company's score determines whether you'll get a mortgage and what sort of interest rate you'll pay. Williamson learned that she needed to contact creditors, to explain her situation and try to set up payment plans. "Three-quarters of (the creditors) were helpful," she said. "One-quarter weren't, but most were willing to work with me." Morgan said that's typical, too. Families who turn to the partnership usually have received past-due notices, she said, and they're advised to reply to creditors, not hide from them. "You're going to have those who'll work with you," Morgan said. "It's a matter of keeping the communication lines open." `Value beyond dollars' About 20 others who'd completed the classes and qualified were on hand June 29 when the Realtors drew Williamson's name in the third annual giveaway. She accepted the key from CRRA President John Byers and past President Tony Smith of the Realtor association. Al Mansell, president of the National Association of Realtors, was there, too. Other Realtor groups across the country sponsor affordable home programs, but Mansell said Charlotte's is the only full giveaway. NAR plans to share the concept with other groups. Mansell said the program "has value beyond dollars" because it offers housing opportunity and economic stability to all who complete the partnership's classes. During the housing partnership's last fiscal year, which ended in June, 192 families with limited incomes completed the classes and became eligible to buy, said partnership spokesman David Howard. Two dozen other families were in the drawing with Williamson. And, Howard said, each year about 100 limited-income families who complete the classes buy their first homes. Brenda Williamson's new house, built by Saussy Burbank in its signature cottage style, is in the Park at Oaklawn development, off Statesville Avenue just north of uptown. The three-bedroom, 2 1/2-bath Montgomery plan would sell for about $118,000. Williamson took a small loan to pay the taxes. The two-story house is dark blue-gray with crisp white trim and a red front door. Williamson, along with her son Brandon, 19, daughter Brianna, 15, and 6-year-old nephew Byron, moved from an apartment in east Charlotte at the end of July. They're settling in: There's a computer for games -- and schoolwork -- on the kitchen counter. A plush red stuffed bear hugs the arm of the tapestry-covered sofa. At 1,320 square feet, the house is almost 40 percent larger than the apartment. "And the apartment had just one bathroom," Williamson said with a wide smile. "That's a big adjustment for us: having access to more than one bathroom." News You Can Use Tips from home-winner Brenda Williamson: • Contact creditors, and try to set up repayment plans. "Explain the situation that led to you falling behind." • Learn to read your credit report, and check it. "I had never even read my credit report. It was confusing; it was like reading a medical document." • When you pay a bill in full, make sure your credit record shows that. Request a letter saying that you have a zero balance. • Understand principal and interest, taxes and insurance. Beware potential pitfalls with some types of financing. "I learned about adjustable interest rates, balloon payments and interest-only loans." -- ALLEN NORWOOD Charlotte-Mecklenburg Housing Partnership classes for families with limited incomes include: Are you ready to buy a home? Advantages vs. disadvantages; buying process; overview of
mortgages; cost of homeownership; creditworthiness. Manage your money. Establish realistic spending plan; set spending goals; trim expenses and find ways to save. Understand credit. Overview of credit reporting agencies and credit reports; common credit problems; correcting errors. Get a mortgag e. How much to borrow; different types of
mortgages; loan approval process. Shop for a home. Types of ownership; find right home; negotiate best deal. Homeownership. Manage finances; keep home in good repair; record keeping, paying taxes. -- ALLEN NORWOOD More information • Charlotte-Mecklenburg Housing Partnership: (704) 377-4663 or www.cmhp.org . • Homeownership Center of Charlotte, a
streamlined educational site operated by the partnership: www.hccharlotte.com . • Charlotte Regional Realtor Association, which hosts the annual Affordable Home Giveaway: www.carolinahome.com .
Source: Yahoo_News