My Story: Why Education Matters When Buying a Home

When I bought my first home, I didn’t know what I didn’t know. I thought I was making the best decision at the time, but in reality, my lack of education about the homebuying process ended up costing me more than I ever imagined.

I purchased my house directly from the seller—what many people know as “for sale by owner.” On the surface, it sounded easy: no banks, no middleman, just me and the seller. But what I didn’t realize was how much I was giving up by not working with a realtor and lender.

Because of this decision:

• I paid over 10% interest on my loan.

• I had to put down a 20% down payment that I honestly couldn’t afford.

• I ended up overpaying for my home compared to what it was worth.

Looking back now, if I would have simply taken the time to meet with a realtor first, things could have been completely different. A realtor could have connected me with a lender, walked me through the steps of qualifying, and helped me access resources and programs designed for buyers like me.

At the time, I was working as a teacher. I had a stable income, W-2s, and would have qualified for first-time homebuyer programs. But because I lacked knowledge, I went the owner-finance route—a path that so many people believe is their best option, but often isn’t.

Part of the reason I chose that path was because of what I grew up around. The first home my parents bought was also owner-financed. I love my parents deeply, but the truth is—they didn’t know the first thing about buying a home. My dad was a high school dropout who worked full-time as a welder, and my mom worked two jobs as a waitress at Blanco Café just to help make ends meet. If only they had someone to guide and educate them, their experience could have been very different.

In our culture, there’s often a fear of banks or institutions. There’s this idea that it’s safer to buy “owner-to-owner” than to trust a bank, because banks ask for so much personal information. Not everyone feels this way, but for my parents—that fear was real. And because they didn’t know who to trust, they took the path they thought was safest.

Unfortunately, I carried that same mindset into my own home purchase. Another belief that held me back was thinking I needed a perfect credit score before I could even think about buying a home. I thought if my credit wasn’t flawless, I would be denied immediately. I didn’t realize that there are programs for buyers with less-than-perfect credit—and that waiting for “perfect” only delayed my opportunity.

Here’s the truth I wish both my parents and I had known back then:

• You don’t always need 20% down to buy a home.

• You don’t need $10,000+ sitting in your bank account to qualify.

• You don’t need a perfect credit score—many programs are designed to help buyers with average or even challenging credit.

• There are programs and resources designed for first-time buyers, teachers, and families who want to make homeownership possible.

If any of this sounds familiar to you—if you’re thinking owner-financing is your only option, or if you’ve been told you can’t buy because of myths like “you need perfect credit” or “you need a huge down payment”—I want to encourage you to reach out.

At Texas Elite Real Estate Group, we offer free buyer consultations to walk you through the process, answer your questions, and connect you with resources you may not even know exist. You don’t have to make the same mistakes my parents and I made.

Don’t let misinformation or fear stop you from taking the first step. Your dream of homeownership may be closer than you think—and it doesn’t have to come at the high price we once paid.

Give us a call or message us to set up your FREE, NO Obligation Consultation. 😀
https://www.texaseliterealestategroup.com/