NASHVILLE, Tenn. (WTVF) — Some local real estate professionals are working with first-time home buyers to break down barriers and build generational wealth.
Abby Champion took a leap of faith and bought a home.
"I just want to be able to have something that’s long-standing," Champion said.
And now, she's saving up to buy a second property.
“Right now I’m actually in the process of getting my house like renovated, so I can possibly rent it out, and actually try to create generational wealth,” Champion said.
Her realtor, Dennifer Reliford, loves helping first-time home buyers in the minority community. She's an agent with Keller Williams Nashville.
"So owning a home is definitely the first step in making sure that your offspring and future generations have that little bit of wealth to stand on, instead of just paying a landlord," Reliford said.
According to the National Association of Realtors in 2019, more than 87% of homeowners in the Nashville area were white.
"Properties passed down from generation to generation — everyone’s parents have worked really really hard, some people’s parents just didn’t know how to invest," Reliford said.
If down payments are an obstacle, Claudia Rios said there are options. She’s with the National Association of Hispanic Real Estate Professionals.
"Don’t let that hold you back from buying a home," Rios said.
They know about private and government grants for mortgage assistance.
"So it’s just educating our community and letting them know if it’s down payment — we’ve got the resources," Rios said.
Miguel Vega at First Community Mortgage is head of multicultural lending.
“First-generation Americans — they just want a shot at it," Vega said, "They don’t understand some of the nuances of mortgages, or the process, they just want somebody to understand their needs and can guide them through that process.”
With higher interest rates, some homes are staying on the market longer. So that gives buyers more room to negotiate.
“The fastest growing homeownership rate is coming from Hispanics,” Vega said.
