First-Generation Homeownership: What Texas Families Need to Know

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In this episode, Michael Flores, Marine veteran, father, CEO of Vantage Real Estate Group, and Hispanic real estate leader in the Katy-Houston area, breaks down the homebuying process for first-generation buyers in plain English.

Michael addresses three common myths that stop families from starting: needing 20% down, believing credit is not good enough, and feeling overwhelmed by the process. He also explains the six major steps of buying a home in Texas, including pre-approval, choosing the right agent, making an offer, the option period, inspections, and closing.

This episode also covers Texas and local assistance options, including TSAHC, My First Texas Home, City of Houston programs, Harris County resources, and ITIN loan products.

For families who have never owned property in America before, this conversation is about more than real estate. It is about stability, legacy, and changing the financial future of the next generation.

Transcript

SPEAKER_00 0:00

If nobody in your family has ever owned or bought a house in America before, this video is specifically for you. Not for you eventually, right now. Because what I'm about to walk through and what I'm about to talk about can change the financial outlook of your family for the next 30 years and create wealth. Plain language, no jargon, no hoopah, just the real information you deserve to have. Well, who am I? And why does this matter? Well, my name is Michael Flores. I'm a United States Marine veteran. I'm a father of three, I'm a married man, and the CEO of Vantage Real Estate Group in the Katie Houston area. I'm also a Hispanic leader in an industry that, quite frankly, hasn't always made room for buyers and sellers like us. I've sat across the table before from first generation buyers who came in convinced that home ownership just wasn't for them. I've watched those same families leave the closing table as homeowners, excited, pumped up. The difference between those two outcomes is almost never money. It's almost never the fact that they can't do it. What's important and what is important is whether you have the right person in the room with you. Three beliefs that are keeping families from even starting this conversation is how we overcome home ownership in the Hispanic community. In other words, how we grow. Barrier number one, I need 20% down. No, you don't. That's a falsehood, it's fake. Most first-time home buyers in Texas can get away with programs in three to five percent range. On a $350,000 home, 3% is $10,500. That's a real number families can plan towards. If you don't have that money, that's okay. I'm gonna show you how you can get help with that. Barrier number two, my credit isn't good enough. Well, conventional lending allows us to go as low as 620, but there are also other lenders that will let us go down as far as 580. And if you're a veteran, your credit score sometimes doesn't even matter. These are very achievable numbers. And for families who aren't there yet, that's okay. We can help you create a specific structured plan that will help you get to the goal of buying a home. And barrier number three, I don't understand the process well enough. See, that's not a barrier, that's just a knowledge gap. And knowledge gaps close when we give you the information. That's exactly what we're doing right now. So there's six steps. Let me give you the six steps. Plain language, easy to understand. Step number one is get pre-qualified or pre-approved. Know your number before you look at a single home. Know what you can buy, know your the budget. Everybody has a budget. This is not a commitment to buy, it's a starting point. And we have lenders that will help you that won't affect your credit and give you great advice. Step number two, find the right agent. Someone whose legal and professional obligation is entirely up to you. I'm the right agent or Vantage Real Estate Group. Not the seller, don't call the listing agent, they don't represent you. Step number three, tour homes, make an offer. And your offer includes purchase price, earnest money, and the option period, as well as other terms, and get a real estate agent like me who will share what those are. Step number four, the option period. This period allows you the legal right to walk away from any contract for any reason within a negotiated window. This is your safety window. This is how you ensure that you feel good about the property. This is when inspections happen. Step number five, the inspection itself. We'll help you hire a licensed inspector that walks through the property and gives you information to help you renegotiate any repairs, any price reductions, or guess what? If you don't get what you want or the house is worse than you thought, then you can walk away. We're not going to skip this step, and a great organization like us would never ask you to for any reason. Step number six, closing. That's right, we made it. We've had an appraisal, the appraisal happened, and now we get to close. And you get to sign the documents and get your keys as soon as we fund. Usually it takes one or two hours at the title company, and then we'll fund typically the same day, sometimes the next day, and guess what? That makes you a homeowner. That's exciting. Now, let's talk about programs to help you buy a house. T S A H C. That's down payment assistance, a three to five percent grant, right? Money that does not need to be repaired or repaid. Income limits are higher than most families assume. My first Texas Home. That's a 30-year fixed-rate mortgage combined with down payment assistance built for first-time home buyers and veterans. The third program, City of Houston and Harris County. Well, they have all types of local assistance programs structured around forgivable loans and typically with great or better interest rates for those who qualify. I-10 loan products. These are for buyers without a Social Security number. These exist in this market because I've helped so many families use them. It is a real path for those who don't have a Social Security number but live here and work here. You see, I've gotten buyers into homes in this area with less than $8,000 out of pocket. Matter of fact, I've had some buyers get money back at closing, they get their earnest money back with some of these programs. The question is never whether it's possible. The question is, do you have the right person in the room helping you? And me and my team are the right people. I want to say something that doesn't appear in most real estate videos. And by the way, rarely will you hear a real estate agent tell you buying your first home, especially when you're the first one in your family to do it, it's just not about financial transaction. It is a statement about what was sacrificed to reach this point, at what you are building for the people who come after you, you are creating a legacy of the future for your family. I've sat at closing tables where the weight of that moment was so physical and so daunting and seeing people cry in excitement. I saw people call parents from a parking lot before even walking inside. If you have been told not yet, by a lender or someone you trust, or maybe by your own fear, but not yet doesn't mean not possible. These are two completely different things. I have never met a family willing to do the work who doesn't end up getting where they want to go. Don't be the family or the person who stops just because it gets a little bit difficult. If you're in the Katie Houston area at all, call me. Let's start a conversation on how to get you where you want to go. No pressure, no commitment, no sales pitch. Just DM me, comment below, comment on YouTube, or share this with somebody who needs it. You see, we are here to help. And with information, we can change our future, we can change our family's future and begin to build wealth when we thought it was impossible. I'm Michael Flores. Simplify. I'll see you soon.