Buying my first Home at 21 with little to no Money

Today marks the 5th anniversary of owning my home, which I’m incredibly proud of. I learned about time management in a college success course and was reminded to prioritize important tasks. We watched a video called “Jar of Life: Put IMPORTANT things FIRST,” which provided a helpful visual perspective.

Deciding to purchase my first home at the age of 20 was a wise investment that I never regretted. Closing on the property just a month after my 21st birthday was a massive milestone. I was eager to move out and start this new chapter of my life. Renting was never an option because I knew it would be a financial drain. Keeping the bigger picture in mind, I am proud to have made this decision that has benefited me in the long run.

I recall informing others that I was purchasing a home, and a few expressed hesitation, stating, “Are you certain? It will be a significant responsibility, and you will be accountable for everything!” Although their comments made me uneasy, I focused on the bigger picture and took a leap of faith. As a result, I’m pleased to say that I made the right decision.

FAITH is the Substance of things HOPED for, the Evidence of things not seen.” 

Hebrews 11:1

If you want to enhance your understanding of how to nurture your faith, “Focus on Improving Your Faith” is worth checking out.

Starting the Process…

I enrolled in a “First-Time Home Buyer Program” offered by my city, which requires attending three classes before receiving a completion letter. Fortunately, I was eligible for online enrollment due to meeting the required credit score. This program offers assistance for down payments and/or closing costs in various forms. I learned about additional assistance programs throughout the process but had already begun with the PHFA program. I recommend checking out their website for those in Pennsylvania looking to purchase their own home.

After receiving my completion letter, I started looking for banks to get preapproved and know my eligibility. As per the program requirements, I had to use certain banks to get the grant they were offering. When I purchased my house, the program matched $3 for every dollar I had, and the maximum contribution was $5000. So to receive the full grant, I needed $1667 in my bank account.

Before choosing a bank, I decided to do some research and compare multiple options. To avoid numerous inquiries on my credit report, I looked into them all around the same time. Once I received various preapproved amounts, I enlisted the help of a realtor to assist me with the process of…

Finding the Right Home

Finding the right home was a challenging process. I worked with two different realtors and viewed numerous properties in various neighborhoods. Unfortunately, many houses were either too small, in unfavorable areas, or outdated. As I continued my search, I started to feel a sense of desperation and considered settling for any available option.

I discovered a house with a main bedroom that had a magnetic layout. It was located on the third floor and boasted a luxurious bathroom with a jacuzzi tub and a spacious shower. Although that was the only part of the house that I truly admired, I kept the pictures of the bathroom for future reference. They are attached below. Eager to purchase a home, I brought my great-grandmother for a second viewing to show her my selection.

Guidance to the Right Selection

It was evident to my great-grandmother that I only admired the house for its bathroom. Politely, she conveyed her opinion that the place may not be suitable for me given its slanted structure and age. Seeing my eagerness to make a purchase, the realtor recommended a recently listed property with two bedrooms instead of my desired three. Despite my initial reluctance, I decided to give it a chance in hopes of ending my search for a new home.

I am grateful for my great-grandmother’s advice, which led me to find the perfect house. The realtor’s suggestion was an excellent fit for me, with even more features than we initially thought. The house had three bedrooms instead of two, a pull-in driveway, and was built in 1996, just a year before I was born. I was thrilled when I arrived and fell in love with the house as soon as I stepped inside.

The Closing Process

Purchasing my home with little to no money was undoubtedly a stressful and frightening experience, as I previously mentioned. However, despite the unexpected financial obstacles that arose toward the end of the process, I remained perseverant and hopeful. I trusted in God to provide all I needed throughout the process, and indeed, God did.

During Tax season, I decided to purchase my own home. I saved my tax return for the matching grant and worked full-time, receiving a raise. My realtor secured closing assistance from the buyer, which was a huge relief. However, when it came time to sign the settlement agreement, I realized I needed an additional $1000 to close the deal. I was unsure where to turn. In my desperation, I found comfort in listening to “I need you now” by Smokie Norful and prayed to God for help. Miraculously, my father unexpectedly returned some funds to me, allowing me to close the agreement. I am beyond grateful for this blessing.

The Lord is my shepherd; I shall not want.

Psalms 23:1

Please comment below if you have additional inquiries about the process or want to learn more. Alternatively, you can contact me directly through my social media accounts.