MEMPHIS, Tenn. — Many say there is nothing like being "home for the holidays," but buying a home can be easier said than done.
According to Freddie Mac, mortgage rates are higher in 2023 than they have been in decades. This has made it hard for some people to break into the housing market.
For first time homebuyers in the Mid-South, one local non-profit is working to make owning a home easier. Thanks to Habitat for Humanity, this Christmas will be one to remember for Deitriece Cole.
“I honestly didn’t think that I would be able to buy my house until my children were adults,” said Cole.
2022 marked a turning point for the Memphian’s family. After Cole struggled to find the right loans, she was worried her dream home was always going to be out of reach.
"How much money do I need to make to purchase a house of this size, and it was basically like six-figures, and I was like ‘Well, that’s not really attainable right now,'" said Cole, "I basically gave up for about two years."
Things changed once her line sister told Cole about the Homebuyer Program at the Habitat for Humanity. The program helps low to moderate income families get out of a difficult situation, which could see some people spend 50 percent of their income on housing.
“What we’re able to do through homeownership and our zero-interest mortgage is to get them down to 30 percent,” said Dewayne Spencer, Habitat For Humanity President & CEO.
The opportunity now gives Cole the chance the generate generational wealth for her family the moment she stepped foot into her new home.
“I was like yeah — this is, this is home right here,” said Cole.
A home Cole hopes to keep in the family, and foster traditions — like scavenger hunts and Christmas baking — for generations to come.
“I was able to give my children something that my grandchildren will be able to reap from,” said Cole.
To see if you qualify for the Habitat For Humanity Homebuyer Program, you can check out THIS LINK.