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    Date submitted
  • 23-Jan-2017

Financial Wellness Initiative

Abstract

Stratos Realty Group would like to expand our business and offer affordable housing services to help lower income individuals and families in the Oklahoma City metro and surrounding areas locate and secure permanent and affordable housing. As part of our services we offer a Homebuyer Education Program which provides First Time Homebuyer Education, Household Budgeting and Debt Management, and Pre-/Post Purchase Counseling.

Household Budget and Debt Management Counseling- One on One counseling and seminars provide education for low to moderate income families and individuals who wish to become more financially stable. The seminar covers basic budgeting, establishment of financial goals, costs of necessary insurances, credit issues, emergency planning and contingencies, and tips for reducing household costs. A partnership with the Community Action Agency and their IDA Matched Savings Plan which matches successful graduates savings 2-1 will help reinforce the importance of saving consistently. Money saved in the IDA program can be used for the purchase of a first home, higher education or to start a business.

First Time Homebuyer- these seminars provide essential information for low to moderate income buyers who wish to become informed about the home buying process. The 8 hour curriculum provides comprehensive instruction under the standards and guidelines of HUD and the Oklahoma Homebuyer Education Association and is designed to guide participants through the entire process of purchasing a home as well as preventing foreclosure once they become homeowners. Upon completion participants may qualify for down payment and closing cost assistance through Oklahoma Housing Finance Agency and other municipal programs throughout the city and county.

Pre-purchase and Post- purchase Counseling- As part of our Homebuyer Education Program our counselors offer individual support and personal guidance to individuals and families who are considering buying their first home and many need to decide if homeownership is the right choice for them or who may have obstacles such as credit issues. Counseling will also be available for those who own their homes in the form of Post-Purchase education which includes credit education, foreclosure prevention, and home maintenance and repair clinics taught by local inspectors and contractors. Pre-Purchase and/or Post-Purchase counseling ensures that families and individuals reach their goals of homeownership and their goals of keeping their homes once they own them.

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Additional Questions

Who is your customer?

We have found our reach is most successful in the 25-45 age range. People in this age range are looking to make big purchases and are thinking about finances and investing in their futures

What problem does this idea/product solve or what market need does it serve?

The Center for Financial Wellness assists clients in learning the importance of credit, money and how to use them to better their situation by not paying high interest rates, fees or signing contracts with hidden clauses.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

What makes our program successful is that we work with local non-profit agencies who offer low and no cost services that help in areas that we don't cover to ensure success for our clients. Teaching financial literacy doesn't work if they client doesn't have employment or safe housing.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Our team will continue to offer services to clients at their pace with their goals that they have set in mind. Client based goals ensure buy in and success with the program. With better resources we can spend less time on administrative duties and more time counseling our clients.