---
title: "Financial Coaching: What to Expect from the Homeownership Program"
description: Those eligible for our Homeownership Program will receive financial coaching to best prepare them for the expenses ahead.
---

[Twin Cities Habitat for Humanity Blog ](https://www.tchabitat.org/blog)

# [Financial Coaching: What to Expect from the Homeownership Program](https://www.tchabitat.org/blog/financial-coaching)

 Written by [Twin Cities Habitat for Humanity](https://www.tchabitat.org/blog/author/twin-cities-habitat-for-humanity) | 3:39 PM on January 22, 2018

Buying a house is a big deal, especially when it comes to financing it. What is your credit score? [What does your debt-to-income ratio look like? Do you have enough money saved for additional costs?](https://www.tchabitat.org/blog/understanding-income-debt-credit-score-and-debt-to-income)

We know there is a lot to juggle when buying your first home, and you may have more questions than answers right now. We're here to help. Our [Homeownership Program](https://home.tchabitat.org/) provides financial coaching to best prepare you for the expenses ahead. Here are some our most frequently asked questions.

## **How Many Times Do I Have to Meet with My Financial Coach?**

Our financial coaching program is designed to get you mortgage ready in one year or less. Your Financial Empowerment Coach will help you develop a plan towards mortgage readiness and help keep you on track with that goal.

## **What Topics Will We Discuss?**

One of Habitat for Humanity's financial coaches will meet one-on-one with you to review the Habitat Homeownership process, paths to becoming a homeowner, your income, and how close you are to mortgage readiness.

The goal is a credit score of 620 or above to move into the home-buying process successfully. If you're not already there, we'll help you get there!

Your debt-to-income ratio is your monthly debt payments divided by your gross monthly income. We require you have a ratio of 18% or lower when you begin financial coaching. That number should be between 13% and 15% when you're done with the program. It is possible for it to be lower than 13%, but it cannot be more than 15% in order to qualify as mortgage ready.

Homebuyers must have $6,300 in savings to be considered Mortgage Ready — $3,000 is for closing costs, $1,500 will cover the first year of homeowner's insurance, and $1,800 is a common amount to hold onto in case of emergencies.

 

|   | **Before Financial Coaching** | **After Financial Coaching** |
| --- | --- | --- |
| Debt-to-Income Ratio | 18% or lower | 13% – 15% |
| Closing Costs |  -- | $3,000 |
| Homeowners Insurance |  -- | $1,500 |
| Emergency Fund |  -- | $1,800 |

 

If your numbers do not match what is considered to be mortgage ready, your coach will work with you to develop a plan to move you toward mortgage readiness.

## **How Does Financial Coaching Help Me Buy a House?**

Our goal is to prepare you for success in your home buying experience. All of these steps – including our one-on-one conversations regarding credit score, debt-to-income ratio, and savings – help to lay the groundwork for purchasing your first home.

## **How is Financial Coaching Different from Homebuyer Education Training?**

Financial coaching focuses on preparing people to buy and finance a home. Our Homebuyer Education Training is focused on topics like home repair, public safety, neighborhood and community, and other things that will help you be a successful homeowner.

If you have any other questions, feel free to visit the [Twin Cities Habitat for Humanity Homeownership Program page](https://home.tchabitat.org/) or call us at 612-540-5660. We're always happy to help.

[View full post](https://www.tchabitat.org/blog/financial-coaching)

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