Knowledge is power, yet very few people have ever been taught about the homebuying process. Navigating the intricacies of the housing market can be a challenge, particularly for first-time buyers. Building credit, eliminating debt, the pre-approval process, and down payments can be daunting topics to explore.
Drawing on past generations’ wisdom can unlock unique advantages for aspiring homeowners. People often tap into the knowledge of their parents or mentors who have already gone through the process.
Zada Richardson is an example of the power generational knowledge has on achieving homeownership. Zada’s mom, Evette, is an Acts Housing homebuyer coach. She’s been working with Acts for two years, and for her, navigating the intricacies of the home-buying process is second nature. Evette works with families to provide one-on-one, HUD-approved homebuyer coaching, guiding prospective homeowners who may have problems qualifying for traditional loans and assisting them in establishing good credit habits, creating and maintaining budgets, and overcoming financial and credit obstacles. More than most, Evette understood the importance of becoming a homeowner, and the path it would take to get there. She equipped Zada with this knowledge and helped her achieve this goal.
“My homeowner program started because my mom works at Acts Housing and she would always talk to me about credit and how if your credit is good, it’s good to get into owning a house now, especially me being young. I’ll have something to my name.”
Teamwork Makes the Dream Work
Zada started working with Acts Housing in January of 2024. Acts Housing’s team of experts helped her complete a grants assessment, achieve pre-approval, and connect her with a preferred lender. Zada was eligible for some forgivable grants to help purchase her home. The grants and her savings helped Zada quickly move through the homebuying process.
“One thing for me, when I was starting, was saving. My mom always told me save, save, save. Even though there are grants that are gonna help and loan approval, you still need money saved up because you never know what could happen. Things come up, like the appraisal money that you have to pay or the closing costs. So she would always talk to me about saving.”
Zada’s Journey to Homeownership: Overcoming Challenges with Hard Work and Support
Zada had advice from her mother, and the Acts Housing team behind her to provide support, but it still took hard work and dedication to cross the finish line. A difficult moment for Zada during her journey was balancing work, school, and the planning and preparation it took to own a home.
“In trying to qualify for a loan I had a lot of paperwork to submit, my biggest thing was working. At first, I was working 40 hours, and I had to adjust my work around school and keep up with the paperwork. It was challenging working third shift and trying to juggle it all.”
Navigating the intricacies of first-time homeownership can be challenging, particularly for folks juggling work and school. That’s why the Acts Housing team looks to maximize every coaching session and set realistic action plans with families to determine the next steps and timeline. Acts homebuyer coaches work to keep the families encouraged and engaged in their process.
At 20 years old, Zada Richardson closed on her first home in Brown Deer. When asked about her new home she smiled ear to ear as she described the two-bedroom townhouse with a spacious basement. She was most excited about having an ‘art room, ’ something she’d always dreamed about having.
By combining generational knowledge with professional guidance, Zada’s story exemplifies how first-time homeownership can become a reality, even with demanding schedules and limited experience. Even if your Mom isn’t a professional homebuyer coach, the team of experts at Acts is here for you. Start Today!
