A Homeownership Story | Princess Green

Princess Green works in the field of home healthcare. Though she has always maintained employment, her household income is nearly 39% of the U.S. Department of Housing and Urban Development’s area median income for Indianapolis and categorizes her as low income. To cover expenses for her and her two daughters, she has to remain focused and disciplined in her spending to live within her means.  She came to INHP because she wanted to buy a home so she could have something to give her daughters. The fond memories of her grandparents’ home served as the inspiration to provide her daughters with similar childhood memories. princess green2

The most difficult obstacle for Princess was saving money for her down payment. Her income was steady for several years as she was employed as a full-time primary caregiver for home health patients. While she was working with INHP to prepare her finances to buy a home, her patient’s health deteriorated requiring 24-hour care through a facility.  As a result, she lost her full-time employment, and was placed on an on-call status until a permanent position opened.  In the interim, she worked part-time for three different companies. Two of them were in the home health care field and one at a shipping company because she wanted to ensure she kept on pace to meet her home-buying goal. The employment transition slowed her progress, but she didn’t give up. Princess was committed to staying on budget and maintaining her payment history to continue to strengthen her credit score.

Late in 2015, she gained full-time employment through one employer and this provided her the income-security she needed. While working with her INHP homeownership advisor, she was offered the opportunity to participate in the Individual Development Account (IDA) program. This program is made possible through the generous support of philanthropic partners and enables INHP to provide a match savings account to eligible families to help them triple their savings for down payment on a home.  For every $1 that participants deposit into their account, they receive a $3 match from INHP. princess green

After two years of working one-on-one with a homeownership advisor and increasing her credit score, Princess was able to save $1,800 with the help of the IDA program match. With the loan program she selected, this was close to the amount needed  to purchase a home. The IDA match was the tool that was needed to close the gap for down payment and put homeownership within reach. She purchased her own home on the northwest side of Indianapolis early in 2016.

When asked about her homebuying experience, she said, “I could never have done it without INHP.”