Episode 26 - Home Buyer Success Story: Kristina and the Multi Generational Strategy

“Never give up. Keep working and never give up.” — Kristina

For many Utah first-time homebuyers, the biggest obstacle may not be finding the perfect house. It may be believing that buying a home is possible in the first place.

Kristina and her family had rented for years. After losing the home they had lived in when the property connected to her husband’s job was sold, their family moved into a small two-bedroom duplex.

At one point, multiple generations of the family were sharing that small space. Kristina’s father, daughters, and granddaughters were all part of the household.

Buying a home was the dream, but Kristina thought she needed to wait.

Then a conversation with real estate agent DeAnna Haskett changed the direction of her homebuying journey.

“Why Don’t We Just Figure It Out?”

Kristina had previously looked into buying a home, but what she qualified for at the time didn’t seem sufficient for the type of property her family needed.

She also expected money from a pending legal settlement and planned to use it toward a down payment. Her assumption was simple: once that money arrived, then she could buy a house.

But the settlement kept taking longer.

Meanwhile, DeAnna, an experienced real estate agent who had originally met Kristina while knocking doors in her neighborhood, reached back out.

Instead of telling Kristina to keep waiting, she suggested something much simpler:

Why not find out what is possible right now?

“Let’s just see if you can get qualified without that down payment.”

That conversation started the process.

Finding a Way to Make the Numbers Work

Kristina’s financing situation wasn’t as simple as a traditional two-income household.

Her husband had been injured and was temporarily out of work following surgery, which affected the income that could be considered at that point in the process.

Because Kristina was already living in a multigenerational household, we looked at the family's circumstances and explored potential options.

Her daughter was already living with her and ultimately became part of the homebuying plan.

There was paperwork. There were hoops to jump through. And with multiple people and sources of income involved, Kristina’s situation required some extra work.

But they kept moving forward.

From Kristina’s first conversation with me to getting the keys, she remembers the process taking about 45 days.

The lesson isn't that every borrower will have the same options or timeline. Every mortgage application is different.

The lesson is that it can be worth having the conversation before deciding for yourself that homeownership isn't possible.

Searching for the Right Utah Home

Once the financing plan was coming together, Kristina and her husband were ready to find a home.

In reality, they had already been searching for quite a while.

Looking at houses had practically become a date-night activity. They would grab food, drive around neighborhoods, look at listings and talk about what they liked.

Kristina estimates they looked at more than 100 homes before seriously moving forward.

Eventually, they found one that felt different.

It had room for their multigenerational family and many of the features Kristina wanted. She knew almost immediately that she wanted it.

But loving a house and deciding what to offer for it are two different things.

Why Having Your Own Real Estate Agent Matters

Kristina was emotionally invested in the home.

Her first instinct?

Offer full price.

DeAnna encouraged her to slow down and look at the information first.

She reviewed the property's listing history, activity and other factors that could affect the negotiation. Instead of immediately offering the asking price, they submitted a lower offer and negotiated with the seller.

They were also able to negotiate for the seller to contribute toward Kristina’s closing costs.

That mattered because Kristina hadn't been sitting on a large amount of cash waiting to buy.

“I would have offered full price.”

That was Kristina's answer when we asked what she would have done without her real estate agent.

It illustrates an important part of working with an experienced buyer's agent. Finding a property is only one piece of the process.

A real estate professional can also help you evaluate a property, prepare an offer, negotiate terms, work through due diligence and navigate the transaction through closing.

The Moment It Became Real

When Kristina learned that her offer had been accepted, she was at work.

She had the call on speakerphone with several coworkers nearby.

Then she started crying.

Homeownership had been a lifelong dream.

She had spent years renting. Life had taken unexpected turns. There had been times when buying a home simply didn't feel attainable.

Now, suddenly, she was under contract.

“You helped us and our family. You helped us get our dream. It was our dream house.”

A Home for Multiple Generations

This purchase wasn't only about Kristina and her husband.

It was about creating a home that could work for their family.

Her daughters and granddaughters now have space downstairs, with plans to make the area even more functional for them. Her family has more room, more privacy and a place they can make their own.

For Kristina, buying a house also meant thinking longer-term.

Homeownership can potentially provide opportunities to build equity over time, although home values are not guaranteed to increase. More importantly for Kristina, the house gave her family a place to establish roots.

What began as a search for more space became something much bigger.

Think You Can't Buy a Home? Start With a Conversation

One of the most important parts of Kristina's story happened before she ever submitted an offer.

She stopped assuming she had to wait.

She didn't know exactly how the financing would work. She didn't have the large down payment she expected to have. Her family's financial situation wasn't perfectly straightforward.

But she was willing to ask questions.

That's where prospective homebuyers can start.

You don't have to know which mortgage program you need. You don't have to understand every lending guideline. And you don't necessarily have to wait until everything feels perfect before talking to a mortgage professional.

A pre-approval consultation can help you understand where you currently stand, what options may be available and what steps you may need to take next.

Sometimes the answer may be that you're ready to move forward.

Sometimes you'll leave with a plan for later.

Either way, you'll have more information than you had before.

Kristina's Advice to Future Homebuyers

At the end of our conversation, I asked Kristina what she would tell someone who was where she had been a year earlier: wanting a home but unsure whether it would ever happen.

Her answer was simple:

“Never give up. Keep working and never give up.”

If homeownership is one of your goals, don't rule yourself out based on assumptions. Start by learning what's possible.

Ready to explore your homebuying options? Contact Utah Independent Mortgage to schedule a consultation. We can review your situation, answer your questions and help you understand possible next steps.

Loan approval, available programs, down payment requirements, seller contributions and other terms vary based on borrower qualifications, property, loan program and lender guidelines. This article is for educational purposes and does not constitute a commitment to lend.