PALATKA, Fla. — The Palatka Housing Authority and Ameris Bank in Palatka are teaming up to educate Putnam County residents about the intimidating homebuying process, something they've learned many residents in temporary housing don't pursue because they don't understand how it works.
"I think they start out intimidated and that's why we acknowledged that the first step in the process is then showing up to this class," said Ameris Bank Branch Market Manager Desireé Akins. "Just being willing to hear the message and what we have to share with them."
The classes break down how to start saving for a home and lays out the income requirements to qualify for purchasing a home or down payment assistance.
"Limited income does not mean you don't have enough income to own a home," Palakta Housing Authority Director of Resident Services Carol Coffie explained. "If there are some, perhaps some blemishes, then there may be opportunities to work through those or take care of those and then be able to have what's necessary in order to become eligible for an affordable mortgage."
Many participants are concerned that a previous blemish on their credit score will permanently disqualify them from owning a home, which is not the case. Attending the classes will clear up misconceptions that come with homebuying to show that it is possible.
“We are providing the resource through which they can access this particular homeownership opportunity. And so, it's not just saying it can be done, it's showing them and then having the resources available to be a guide along the side,” said Coffie.
While anyone can attend the classes, the program is giving hope to those who never thought they could own a home.
“If you don't have that basic understanding, even starting from childhood, in a lot of cases, you're not necessarily set up to be in the best position in your adult life” Akins said.
Akins shared with First Coast News how she became a homeowner after spending her childhood living in a double-wide trailer with a single mom.
"You may not realize based on your experiences that there is opportunity outside of that. Until someone that's outside of your life comes in and tells you that this is possible and that this is in reach for you and you just may not be aware," she mentioned.
Akins' testimony serves as an example of encouraging others to invest in themselves and their future even if they've grown up in temporary housing.
"We want to share it so that they will know that there are additional choices and opportunities," Coffie added. "It is something that we try to ensure that we regularly share and express not just the opportunity, but the path that they might be able to follow to change their particular housing situation."
Coffie says the information presented in the classes can be life changing for residents who feel stuck in a temporary housing situation, especially for residents she works with every day who are living in low-income assisted housing.
"And we view it as hopefully a catalyst for other things in their lives," she said. "Not only home acquisition of course with a more permanent shelter, but the mindset of, 'If I can do that, then I can something else.'"
“Financial literacy is going to tie into every bit of it, it is the base and the groundwork for all other avenues throughout your life” Akins added.
If you'd like to learn more about financial literacy, you can attend a free class on Tuesday at 6 p.m. at the James A. Long Family Investment Center in Palatka.