Building A Future Through Financial Foundations

Financial coaching that made homeownership a reality for an Idaho family

While some of the boxes still need to be unpacked, Angela says one thing is already clear: her three daughters are happier in their new home. After years of apartment living, they finally have room to run, play and be kids. 

“It was always ‘don’t jump, don’t scream on the balcony. You’re doing this, you’re doing that. We have neighbors,’” Angela said. “Now I’m like, ‘sure, go in the backyard and do what you want.’” 

Angela and her husband Spencer had been dreaming about a place of their own for years, but there always seemed to be an obstacle in their way. For years, homeownership felt just out of reach. Between finishing college, paying off student loans and managing other debt, the couple always seemed to have another hurdle to clear. Just as they were ready to put their dreams on the back burner, their apartment manager told them about a program through the Idaho Housing Foundation called Financial Foundations. 

The program pairs monetary incentives to reach financial stability milestones with counseling and services to guide participants towards reaching their goals. Angela said she and Spencer set out to improve their debt-to-income ratio. He focused on a promotion at work that increased the family’s income, while Angela focused on the family budget, building their savings and paying off $15,000 in debt. The couple’s hard work and dedication enabled them to finish the program ahead of schedule. 

“I wanted a house, so I was ready to work to get it. I added more clients at work and my husband took on more responsibilities at his job. We just pushed really hard this last year,” Angela said. 

The program also allowed Angela and Spencer to tap into a HOME loan, a federal program that helps reduce the upfront price of a home for income-qualified buyers, significantly reducing the size of their monthly mortgage payment. Combined with the savings they built and incentives earned through Financial Foundations, the assistance made homeownership affordable. 

While getting settled hasn’t been a breeze, Angela says the family is enjoying all of the extra space their four-bedroom home has. Her daughters each have their own room, giving them a little privacy for the first time. She says she and Spencer always knew what they wanted but didn’t know the steps to get there. Angela says the coaching from the Financial Foundations team made it easy to find the right path. 

“The biggest help for me is being able to visualize it and something to work towards. The Financial Foundations team laid those steps out for us, and it made our house goal a reality.”