Member Moment: Siblings with Persistence
“"We loved working with our credit union, because they work for us."”
Rachel and "Chatch" agreed that renting was not their long-term goal, but neither had the means to consider buying a home or saving for one. But one day, Chatch saw a poster about a program offered by the Champlain Valley Office of Economic Opportunity. It said there was a matched savings program called an Individual Development Account (IDA) where hard work and good savings could earn matched money. He told his sister, and they were motivated!
It took them 16 months of attending classes, sticking to a budget, and saving money, but by July 2008, they reached their goal. They each saved $1,000. Their IDA match was 2 to 1 so they each had $3,000. This gave them $6,000 toward their down payment - enough so that a small gift from their families could make up the difference. With their home buyers education class under their belt, they were ready!
Opportunities Credit Union worked with Rachel and Chatch to get them on the Asset Path, they were able to purchase a duplex in Winooski. "We loved working with our credit union," said Rachel, "because they work for us."
The frugal brother and sister team are sharing a unit and renting the other to help pay the bills. They will keep working, saving, and eventually will each occupy a unit and be neighbors. Rachel's daughter loves her yard and neighborhood. Next year she'll start school.
