According to Statista, "Approximately 82 percent of Americans aged 22 to 30 who bought a home were first-home buyers, whereas only just under half of the homebuyers between 31 and 40 bought their first home in that year." This means, unsurprisingly, most first-time homebuyers tend to be in the beginning stages of a budding career, taking higher-education courses, and trying to keep up with student loan payments.
Gen Z and Millenials have so much to juggle already, purchasing a house can feel like another stressor — but a little education about what it's really like to buy a house can simplify the process.
Take Advantage of First-Time Homebuyer Benefits
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Buying a home as a first-time homebuyer can be nerve-wracking, but your "first-time" status unlocks several perks. First-time homebuyers are eligible for loan programs, tax breaks, and assistance programs that are created to increase homeownership accessibility. You might even still qualify for first-time homebuyer programs, even if you've owned a home before. Don't neglect options created to help you on your journey to homeownership. Know your options.
First-Time Homeowner Loan & Assistance Programs
- FHA Loans - An FHA loan is a government-backed mortgage that is guaranteed by the Federal Housing Administration, but issued by private lenders. It's hands down the most popular loan option for first-time homebuyers since they have low down payment and credit requirements.
- USDA Loans - USDA loans are mortgage loans backed by the U.S. Department of Agriculture that make housing affordable in rural areas. Since they're government-backed loans, they can provide lower interest rates. On top of low-interest rates, borrowers don't have to pay a cent towards the down payment.
- Good Neighbor Next Door - The Good Neighbor Next Door Program was created by The U.S. Department of Housing and Urban Development (HUD) to strengthen communities by offering teachers, law enforcement, firefighters, and EMT's the ability to purchase homes at a reduced rate. Purchase HUD homes for 50 percent off the list price with a low down payment of $100.
There are several first-time buyer programs to choose from. Do your research to track down the option that fits your needs.
Address Your Financial Health
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Review Your Credit. Even though the average credit score for homebuyers in America is 731, most people can qualify for conventional loans with a credit score of at least 620. But, a lackluster credit score doesn't kill your homeowner dreams. You can still buy a home with bad credit if you know your available options.
Calculate Your Expenses. Mortgage payments can take up a good portion of your expenses, but living expenses can as well. It's hard to narrow down your list of potential homes when you don't know what you can afford long-term. Before looking for a home, sit down and calculate your living expenses. This can include an estimation of monthly car payments, student debt payments, entertainment expenses, retirement savings, and other regular commitments.
Check Your Current Savings. If you have savings tucked away, that still might not be enough since you have to consider upfront costs, long-term and closing costs. Trust and believe, you don't want money getting in the way of landing the perfect home and keeping that home in the long-term.
- Do you have enough savings to cover your down payment? If you're not financing your home using a program that eliminates a down payment, then it's important to know what you're expected to pay upfront when purchasing a house. Make your life easier and use a down payment calculator to estimate your potential costs, so you have the money prepared when you're ready to buy your brand new home.
- When purchasing a home, you have to consider if you can afford the home in the future as well. It's smart to have an emergency savings account that can cover at least 3 to 6 months of living expenses on top of savings that are specifically for the costs that come with purchasing a home.
Find A Home & Make An Offer
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Once you have your finances figured out, it's time to start searching for a fabulous home with all of the features you've envisioned in your head. The entire process of searching for a home can be overwhelming, which is why it will make your life a whole lot easier to hire a local real estate agent. And, homebuyers on the lookout can scour online listings or take a drive through your desired neighborhood to see if any homes are for sale.
When you've finally found a house that you'd like to call home, the only thing left to do is make an offer. If you choose to work with a real estate agent, your agent will help you to decide how much money to offer the seller in exchange for the home and any other conditions you want to put on the table. The real estate agent will present your offer and conditions to the seller's agent who will accept your offer or propose a counteroffer.
As the buyer, you can accept their offer or present your own counteroffer, and this process can continue until an agreement is made. Or, until one of the parties decides to opt out of the negotiation process.
Close On The Home
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If you get to this point, congrats! It's time to sign your name on the dotted line on several documents and cross your fingers that the deal doesn't fall through the cracks. This is the time to focus on closing costs which can include purchasing home insurance, getting a home appraisal, and any extra fees.
In 2020, the homeownership rate amounted to a striking 65.85 percent! Who knows, after exploring your first-time homebuyer programs, addressing your financial health, and finding your dream home, you could be a part of that large chunk of American homeowners.
You're armed with the tools to start your search for a home fit for a queen like yourself, so there's nothing between you and your homeownership goals now. Happy house hunting!
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In an xoNecole exclusive, the mom of two opened up about many things, including starting her wellness journey at 13 years old. However, a near-death experience during a procedure at 20 made her start taking her health more seriously.
“There's so many different levels, and now, I'm in a space of just integrating all of this good stuff that I've learned just about just being human, you know?” Dreka tells us. “So it's also fun because it's like a journey of self-discovery and self-mastery. That's what I call it. So it's never-ending.”
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If you follow Dreka, then you’re familiar with her holistic lifestyle, as she’s no stranger to promoting wellness, self-care, and holistic living. She even lives part-time on a Mississippi farm, not far from her grandmother and great-grandmother’s farm, where she spent some summers as a child.
While her grandmother and great-grandmother have passed on, Dreka reflects on that time in her life and how having a farm as an adult is her getting back to her roots. “So the farm was purchased back in 2017, and it was like, ah, that'll just be a place where we go when we're not touring or whatever,” she said.
“But COVID hit, and I was there, and I was on the land, and I just started remembering back to going to my grandmother's during the summertime and freaking picking peas and going and eating mulberries off the freaking tree in the bushes.
“And she literally had cotton plants. I know some people feel weird about picking cotton and stuff. She had cotton plants and I would go and pick cotton out of her garden. And she had chickens, and I literally just broke down in tears one day when I was on the farm just doing all the things, and I'm like, ‘Oh my gosh. I'm literally getting back to my roots.”
"I literally just broke down in tears one day when I was on the farm just doing all the things, and I'm like, ‘Oh my gosh. I'm literally getting back to my roots."
You can catch glimpses of Dreka’s farm life on Instagram, which shows her picking fruit and vegetables and loving on her animals like her camel Eessa. Her passion for growing and cultivating led her to try and grow all of her ingredients for her wellness brand, Dreka Wellness. However, she quickly realized that she might be biting off more than she could chew. But that didn’t stop her from fulfilling her vision.
Watch below as Dreka talks more about her business, her wellness tips, breaking toxic cycles, becoming a doula, and more.
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My journey into enjoying brown spirits began during Megan Thee Stallion's hot girl era in my mid-twenties. Between 2018 and 2019, she had every Black girl I know singing along to "Big Ole Freak" and my personal favorite, "Cognac Queen," while driving the boat. Upon my first taste, I realized that I enjoyed brown spirits much more than tequila, vodka, or gin. Growing up in a household where drinking wasn't encouraged, I didn't try wine until I was 19 and didn't taste hard alcohol until I was 21.
My initial experiences with vodka and whatever tequila was trendy in college felt different from this era; it felt more intentional.
As I entered my thirties, I sought a more refined drinking experience. Still a hot girl, just a refined hot girl with limits. Alongside my newfound love for sustainable Black-owned wine, my go-to drink became a French 75 with D'usse instead of gin. I started serving Hennessy mules at my Christmas parties (I heard Oprah does this, so I did it too, lol), preparing summer sweet teas with Uncle Nearest or Maker's Mark, and topping my homemade southern pecan pie with Grand Marnier-infused whipped cream every Thanksgiving, which has become a dessert that my entire family loves.
When the news of Beyoncé releasing a whisky was announced, I thought, 'Finally, something for the girls who love brown liquor.' Naturally, we know that she loves her D'usse, but whisky was a surprise to me. It felt like a homecoming for the Texas native. Cowboy Carter's release, while meant with much criticism to me, gave Black women permission to own every part of their background, the roots, and upbringing that make them who they are.
So a whisky named in honor of her great-grandfather felt like a reaching forward to a new avenue of entrepreneurship, while further firmly planting herself into her consistent branding of family values, lineage, and purposeful partnerships.
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Before We Sip: Let's Talk The Sir Davis Breakdown What Is SirDavis?
SirDavis is an Award-winning American whisky founded by Beyoncé Knowles-Carter and crafted in partnership with Moët Hennessy and five-time International Whisky Competition Master Distiller of the Year, Dr. Bill Lumsden, who holds a PhD in biochemistry and has been in the whisky industry for almost 40 years. This tells me the Texas native did her homework and called in the experts to curate something special.
SirDavis also gave me the confidence not to shy away from being a woman who appreciates the rich, complex flavors of brown liquor and leans into my pride in my grandfather's family and his older brothers who sold moonshine in The Carolinas.
Curating My Own SirDavis Tasting
As a meticulous Aries, I pride myself on my attention to detail. Upon conducting thorough research (aka scrolling via TikTok and Twitter), I uncovered that during a private SirDavis tasting, the ambiance exuded a mysterious allure, with an abundance of SirDavis flowing, accompanied by a fact sheet, thoughtfully crafted cocktails, honeycomb, and southern food pairings (My kind of party Bey, where was my invite?!)
In this same vein, with Cowboy Carter in the background, I invited my godsister over, and we savored SirDavis in three distinct manners: warm, over ice, and artfully incorporated into two of their ten suggested cocktails.
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My Honest Review of SirDavis American Whisky
When I enjoyed SirDavis warm, it was like a smooth, sexy dance on my palate. It felt like something you should sip with your man in the evening after a long day or solo like Bey. I recently purchased a vinyl player, and I could see myself grabbing one of my records, a glass, and sipping slowly, snapping my fingers to the beat, swaying my hips, and letting the evening take me where it needed to.
If I were playing Beyoncé, I’d put on "Be With You," "Superpower," or "Gift From Virgo." That said, for me, enjoying the whisky warm would only be during a sexy night, lol; on a regular night, I'm not at a slowly sipping whisky stage just yet.
Once I added ice, I had another sip and was ready for Davis Old Fashioned, which I tried next. It's a mixture of the desire to sip slowly and needing a bit more sweetness. It was my favorite drink, and I'll add that to the rotation. I didn't always enjoy the drink, I thought I was a little too young for it to be honest.
But a few months ago, I had an Old Fashioned with black lemon bitters, toasted black sesame Averna, kikoi rice whiskey, and bourbon, and I was hooked. The Davis Old Fashioned took me back to that same feeling.
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Davis Old Fashioned
2 oz SirDavis American Whisky
.25 oz Honey Syrup
2 dashes Angostura Bitters
Next, I tried The Honey Bee cocktail. I enjoyed it, but as a fan of the French 75, I would prefer to add some prosecco or champagne to it. My sister really liked the drink, but I wanted a bit of fizz as soon as I tasted the lemon juice. This would be a girls' night cocktail that I’d offer if friends came over, and definitely a bottle I’d request someone bring me as a hostess gift.
The Honey Bee
2 oz SirDavis American Whisky
.75 oz Lemon Juice
.50 oz Honey Syrup
My Honest Takeaway
I'll absolutely keep SirDavis in the rotation. The whisky has an exquisite, refined taste that demands you to savor and appreciate every flavor and aroma, from cloves and tangy Seville oranges to raisins, cinnamon, ginger, demerara sugar, and toffee. It's a drink for those who confidently enjoy dark liquor and for a new generation of ladies. And who knows, maybe I'll even get my mom to try some with me.
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