Never stop saving
Theresa Parker recalls a phone call she received at work four years ago.
“My mom had heard about SEED Winnipeg on the evening news and called to tell me about their home ownership IDA program.”
SEED’s Home Ownership Individual Development Account (IDA) program helps low-income individuals and families save toward buying a home. For every $1.00 saved, SEED matches it with $3.00 up to a specified limit.
Ironically, it was on the day her mother passed that Theresa found out she’d been accepted into the program.
For Theresa, taking part in SEED’s IDA program has made all the difference.
“Buying a home is hard to do on your own,” she explains. “I’d been approved for a mortgage years ago, but didn’t go through with it. Back then, there were no resources, and the banks didn’t explain anything.”
Group money management training, tailored to the needs of new home owners, helped Theresa feel confident in moving forward with a home purchase.
Just because you get your house, don’t stop saving. Even if you don’t use the money, you know that it’s there.
“SEED’s hands-on workshops helped me to understand various mortgage options, land transfer tax, budgeting – so many different things.”
Theresa visited nearly 25 open houses, but when she found “the one,” she knew.
At six months old, her granddaughter Shauna was diagnosed with optic nerve hypoplasia, a condition which has resulted in blindness. Theresa made finding a bungalow style home a priority, to make it easier for Shauna to move around the house.
On June 28th, the family moved into their new home, with a tranquil, tree-filled backyard and large deck where Theresa often visits with friends and family.
Over the course of 4 years, Theresa was able to save $4,000 more than the IDA program required.
And she keeps on saving.
“Just because you get your house, don’t stop saving. Even if you don’t use the money, you know that it’s there.”