First-Time Homebuyers in Memphis Find New Joy in Holidays Thanks to Non-Profit Aid

In recent times, the dream of homeownership has become increasingly challenging, especially with the surge in mortgage rates. According to Freddie Mac, 2023 has seen mortgage rates reach heights not witnessed in several decades, presenting a significant barrier for many aspiring homeowners, particularly those looking to enter the housing market for the first time.

The concept of being “home for the holidays” holds a special charm and significance, yet the journey to buying a home is often more complex and daunting than it appears. This is especially true in the current economic climate, where high mortgage rates have made the path to homeownership steep and, for some, seemingly unattainable.

However, for first-time homebuyers in the Mid-South, there is a beacon of hope. A local non-profit organization, Habitat for Humanity, is dedicating its efforts to make the dream of owning a home more accessible. This initiative has been a life-changing experience for individuals like Deitriece Cole, who once believed homeownership would remain an unfulfilled dream until her children reached adulthood.

2022 marked a significant year for Cole and her family. Despite her struggles to secure suitable loans and the daunting realization that buying a house seemed financially out of reach, Cole’s fortunes took a positive turn. A recommendation from her line sister to explore the Homebuyer Program at Habitat for Humanity opened a new chapter in her life. This program specifically assists low to moderate-income families in overcoming housing challenges, where some might spend up to 50% of their income on housing.

Dewayne Spencer, the President & CEO of Habitat For Humanity, explains the impact of their program: “Through homeownership and our zero-interest mortgage, we aim to reduce housing costs to 30% of income.” This significant reduction in housing costs is a game-changer for families like Cole’s.

For Cole, stepping into her new home was the beginning of building generational wealth. It was a moment of realization and fulfillment, knowing that she was not just investing in her immediate family but also laying a foundation for future generations. She envisions her home as a place where traditions, such as scavenger hunts and Christmas baking, will be cherished and passed down through the years.

“I was able to give my children something that my grandchildren will be able to reap from,” Cole reflects with a sense of accomplishment and hope.

For those interested in exploring the possibility of homeownership through the Habitat For Humanity Homebuyer Program, further information and qualification criteria are available at the provided link. This program represents a vital resource for many, turning the dream of owning a home into a tangible reality and ensuring that the joy of being “home for the holidays” is an experience accessible to more families.