LISC Toledo is proud to announce the first new homeowner created through its partnership with LadderUp!

Homeownership has always been a goal for Jasmine Thomas, a newly-graduated Registered Nurse (RN) and mother of four. After hearing about the Financial Opportunity Center ® (FOC) program from a coworker, she started meeting with veteran FOC coach Meg Leahey. Together, Jasmine and Meg worked to make Jasmine’s homeownership dream a reality by building credit and savings and navigating programs designed to help first-time homeowners like Jasmine.

LadderUp is one of these programs. Conceived by former Marine and southeast Michigan native Tom Voutsos, LadderUp is designed to provide an innovative pathway to homeownership for those who can’t qualify for a traditional mortgage upfront. LadderUp purchases and renovates homes, which it then rents to prospective homeowners as they work with an FOC coach to improve credit, build savings, and understand the home buying process. When the prospective homeowner can attain traditional financing, LadderUp sells them the house.

In Jasmine’s case, she worked with FOC coach Meg Leahey for over a year as she obtained her nursing degree and passed her boards. This month, Jasmine closed on her fully renovated 1400 square foot home. Jasmine loves the neighborhood, the spaciousness of the house, and knowing that she and her children have a home to grow and make memories in.

In all, LadderUp currently owns 39 homes in Toledo. Some are still under renovation, but the majority are occupied by Toledoans working toward homeownership with the support of a FOC coach. The program is both creating homeownership opportunities and renovating Toledo’s aging housing stock (the median owner-occupied home in Toledo was built in 1952!). LadderUp founder Tom Voutsos notes that the missing ingredient for many would-be homeowners in Toledo is a good credit score. A FOC coach can help clients improve their credit score relatively quickly, and improve the client’s overall financial well-being. As Jasmine points out, “Being financially responsible is important in the homeownership process and after as well.”

Meg has worked with hundreds of clients in her years as a FOC coach. She understands that clients are sometimes anxious or embarrassed to start their financial coaching journey. But she emphasizes that FOC coaches are truly in it for the long haul to help make changes in people’s lives: “Working with a FOC coach, there will be ups and downs—that is life. As a FOC coach, I am there to encourage and understand you with no judgment, because I’ve been there.”

LISC Toledo’s FOC network has four partners (including NeighborWorks Toledo Region, where Meg coaches LadderUp clients) with six centers around the city of Toledo. Each center has a proven track record of providing valuable employment coaching, financial coaching, and help accessing public income supports. All FOC services are free to clients. For more information about the Financial Opportunity Center ® (FOC) program or to set up a free appointment with a FOC coach, call 211!

Jasmine with her mom and Realtor® at Key Realty, DeLise Simmons.