The Journey of a Kindergarten Teacher to Homeownership on a Single Income

Jasmine Austin, a kindergarten teacher in Richmond, VA, shares her inspiring journey of becoming a homeowner on a single income. This story has been edited for clarity and brevity.

Embarking on the Homeownership Journey

Austin always dreamed of owning a home one day. But as a single woman relying on a teacher’s salary, she didn’t think homeownership would be within her reach so soon. However, in 2020, thanks to programs that make homeownership more feasible, Austin was able to improve her budgeting skills and secure financial assistance for a down payment.

Rising Rent Worries

Initially considering renting an apartment, Austin was taken aback by how quickly rental costs could escalate. She had signed a lease for a two-bedroom unit at $1,700 per month — that’s when she noticed her cousin’s rent increase by $300 at renewal time. Austin decided then to explore other options, including buying her own home.

Turning to Mortgage Options

Encouraged by her sister, who worked at a mortgage company, Austin began looking into purchasing a home. One day, she noticed some townhomes under construction — they were everything she wanted. While the estimated mortgage was slightly higher than her planned rent, it offered a bigger, nicer place. However, she wasn’t quite sure how to get started.

Local Initiatives and Assistance Programs

During a family dinner, a friend suggested she look into first-time homebuyer assistance programs like those offered by Local Initiatives Support Corporation (LISC). Austin decided to apply and was able to learn the basics of the homebuying process through LISC Virginia’s Wealth Opportunities Realized Through Homeownership RVA programs.

Preparing for Homeownership

With the help of a housing specialist, Austin started differentiating her wants from her needs and cutting small expenses. She established a budget, started tracking her expenses, and began living as if she was already paying a mortgage.

Securing Down Payment Assistance

Austin was also able to receive a grant of $20,000 for down payment assistance based on her income. This assistance reduced her out-of-pocket closing costs and decreased her monthly payments.

Embracing Homeownership

Austin now enjoys stability with her mortgage payments and the freedom to do any home projects she desires. She is currently considering upgrading to a different style home in a community without a homeowners’ association in the future.

Advice for Millennial Homebuyers

For millennials contemplating homeownership, Austin’s advice is to not count themselves out prematurely. She emphasizes the importance of taking advantage of available resources and seeking help when needed. Austin believes that pride should never be a barrier to seeking help or exploring options.