On June 20, 2024, the Delaware State Housing Authority (DSHA) held an event in Greenwood to celebrate homeownership month, and Ivan Traverso attended. He wanted to say thank you to DSHA staff that helped his family and wondered if there was an opportunity to help anyone in his position. Director Cynthia Karnai met Ivan before the press event started and asked Ivan to share impromptu remarks during the event. Everyone was moved by his story, and he had the opportunity to talk with a few other attendees looking to buy their first homes.

Ivan and Mary Traverso moved from Pennsylvania to Delaware in 2017 and rented an apartment in Dover. Although they wanted to buy a home, their finances didn’t make that feasible. “We didn’t do the right things with our money,” said Ivan Traverso.

But over time they worked on making better financial decisions and getting a handle on their debt. Mr. Traverso said a friend who works for Primerica Financial “introduced me to some financial literacy and taught me about how money works. That had the greatest impact on our success.”

They started itemizing and keeping track of their household expenses on a spreadsheet. “We treated our money as though it was a business,” Mr. Traverso said. The result of their efforts was a credit score that eventually went from the mid-500s to 750.

Mr. Traverso, who had worked in a variety of jobs, also began searching for a career that would provide a more lucrative and steady income, and in 2022 he landed a sales and marketing position with ADT Home Security. The new position, along with better financial management, enabled the Traverso family to save money, and by early 2023, they had enough saved to begin their homebuying journey.

While researching financial literacy, Mr. Traverso learned from NeighborGood Partners (formerly NCALL), a nonprofit organization that provides financial counseling and other assistance to perspective homebuyers, about DSHA’s homeownership programs, including down payment and closing costs assistance. Mr. Traverso later visited the DSHA Dover office and was given information about its Kiss Your Landlord Goodbye program.

The Traverso family followed the advice on KissYourLandlordGoodbye.com and chose Pike Creek Mortgage, one of the top ten lenders on the website, to apply for a mortgage. In January 2023, they were pre-approved for a mortgage, but after several months of looking, they could not find a house that was within the amount approved by the lender. In January 2024, Mr. Traverso had been with ADT for two years, something that helped with boosting the amount of mortgage they were eligible to receive, and they were pre-approved for a larger amount.

Within a month, the Traverso family found a 3-bedroom, 2 ½-bath townhouse in Camden, Delaware, and made an offer. Their offer was accepted, and they closed on the home in March 2024. In addition to a conventional first mortgage for the $235,000 sale price of the home, they received $12,000 in down payment and closing costs assistance from DSHA’s Home Sweet Home program. The second-mortgage loan is forgiven 10 percent each year up to 10 years with verification the residence has remained the borrower’s primary home.

Mr. Traverso said the whole family loves their new home. “There are lots of kids in the neighborhood and there is a field and basketball court about 75 feet away.” And with a fenced-in backyard, they recently enjoyed hosting their first cookout with family and friends.

When asked what advice he would give to other families looking to buy their first home, Mr. Traverso said, “Have a solid financial plan. Document everything you spend.” He added, “Don’t be too proud. Take advantage of any government assistance programs that are available. Use them to boost you financially to the next level.”