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Local nonprofit works to help first-time homebuyers understand housing market

Local nonprofit works to increase first-time homebuyers
Posted at 4:28 PM, Oct 21, 2023
and last updated 2023-10-21 18:28:20-04

KANSAS CITY, Mo. — Buying a home can feel like a game of chance sometimes, which is why a local nonprofit wants to help you pass go.

Tenesia Brown founded By Purpose Productions, a nonprofit that works to make buying a home a possibility for first-time buyers.

The First Time Home Buyers Headquarters — a space for By Purpose Productions — opened at 5737 Swope Parkway in Kansas City, Missouri, on Saturday. Brown has a goal of helping 1,000 Black and brown community members buy their first home.

"We all know that home ownership is how most people gain wealth. So, if Black and brown people aren't homeowners, then they're missing out on the opportunity to stabilize their families, create wealth for themselves and a generation and give their children the opportunity of a head start,” said Brown.

The First Time Home Buyers Headquarters will also house Brown's business, Keys Realty Group. People can get credit assistance, budget help, down payment grants and the opportunity to connect with lenders. Brown has different partners lined up to be available throughout the week for walk-ins.

The latest numbers from mortgage buyer Freddie Mac show the 30-year fixed mortgage rate sits at 7.63%. That is up from the prior week at 7.57%. Freddie Mac reports a year ago, the average 30-year FRM was 6.94%.

It is a competitive market for prospective buyers, like Latrice Barnes. She wants to buy a home to invest in and provide for her daughter. With the current state of the market, she wants all the help she can get.

"I'm just praying, you know, like it gets better, I mean, because I want to be good. Once we buy this, there is no more moving,” said Barnes.

For assistance, you can visit their website, call 816-469-5350 or visit the facility.