Education

Financial Literacy Classes

While there are many financial literacy classes offered in the Greater Boston area, Somerville Community Corporation (SCC) is the only organization that offers them in Somerville. SCC's educational opportunities vary greatly. For the most up-to-date information about classes, please call Thais DeMarco at (617) 776-5931, ext. 233 or Matt Shuman at (617) 776-5931, ext. 225.

Below are some of the classes that are offered on a regular basis.

Somerville for Access to Financial Education (SAFE)

SCC's SAFE program seeks to provide Somerville residents - recent immigrants and US-born individuals alike - with the necessary knowledge to navigate their financial lives effectively and successfully. The topics covered are vital to the economic well-being of all people, but of most importance to low-income individuals and families, who are more vulnerable to economic instability. Within our six-week financial education series we cover:

  • Budgeting: why, how, and individualized budgeting.
  • Saving and Building Wealth: banking products, investments, retirement, college, and insurance.
  • Introduction to Banking Services: information about checking and saving accounts, including how to open an account.
  • Credit: interpreting credit scores; understanding, establishing and repairing credit.
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Somerville Center for Adult Learning Experiences (SCALE)

SCC has offered the financial literacy curriculum to SCALE students since the fall of 2007. Many SCALE students have employment and family responsibilities that prevent them from being able to take time out of their busy schedules to attend financial education classes. To deal with this difficulty, financial literacy workshops have been incorporated into SCALE's regular class schedule, making it possible for students with already overextended schedules to gain access to important knowledge.

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First-Time Homebuyer Seminar

SCC offers homeownership education and counseling services to first-time homebuyers seeking to obtain Homeownership Collaborative-approved training. Learn about the entire home-buying process, including how to deal with credit issues, working with a real estate agent, and applying for a mortgage.

Graduates of our program qualify for special programs and low-interest mortgages such as Mass Housing and Soft Second. Classes are offered in Spanish and Portuguese; contact SCC at (617) 776-5931 for the 2010 schedule. Additionally, the City of Somerville regularly offers the course in English; call (617) 625-6600 for details. The course is frequently offered by other organizations and cities as well.


The curriculum is outlined below.
A homebuyer counselor will cover the following:
  • Advantages and disadvantages of homeownership
  • Ideal home-buying process
  • Role of professionals
  • Doing your homework
  • Financial responsibilities
  • Maintenance and repair responsibilities
  • Avoiding defaults and foreclosure
  • Getting involved in your neighborhood
  • Civic responsibilities
 A real estate professional will present on the following topics:
  • What kind of house is best for you
  • How to find a house
  • Types of real estate professionals
  • Working with a real estate professional
  • Fair housing laws
  • House-hunting tips
  • Making an offer
A home inspector will cover the following topics:
  • Importance of a home inspection
  • How to find a good home inspector
  • What a basic home inspection includes
  • Inspection report
  • Other inspections
 An attorney will review the following:
  • Role of the lender's attorney
  • Why you need your own real estate attorney
  • Tips for finding an attorney
  • Offer to purchase
  • Purchase and sale agreements
  • Closing
  • Title insurance
  • Homestead declaration
A credit counselor will cover the following topics:
  • Role of budgeting and credit
  • What budgeting is
  • Developing a budget
  • Budgeting as a renter vs. as a homeowner
  • Importance of good credit
  • Credit reports
  • Building a credit history
  • Signs of credit problems
  • Repairing credit
 A mortgage professional will discuss:
  • Mortgage application process
  • Down payments
  • Closing costs
  • Private Mortgage Insurance (PMI)
  • Shopping around for the best mortgage
  • Principle, Interest, Taxes & Insurance (PITI)
  • If your application is rejected
  • Fair lending
An insurance agent will cover:
  • Why you need homeowners' insurance
  • Terms you should know
  • Shopping for insurance
  • Lead paint and flat roofs
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Individual Development Account Program

This year, SCC joined the MIDAS Collaborative to offer an Individual Development Account Program to Somerville residents. Individual Development Accounts are matched savings accounts created for a specific purpose - in our case, higher education or training. The match incentive works very much like an employer-sponsored 401(k): each dollar a participant saves is matched, thus making it easier for low-income individuals and families to achieve their goals. For more information about the program, including eligibility requirements, please contact Thais DeMarco at (617) 776-5931, ext. 233.

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