Fort Worth nonprofit hosts free financial literacy classes, encourage homeownership

Donna VanNess sees a gap between the American Dream and the American reality.

Many people dream of owning a home but see it as impossible because they are unaware of tools that can help first-time buyers, she said. 

VanNess has devoted her career to helping fix that as president of Housing Channel, a Fort Worth-based nonprofit dedicated to homebuyer education and financial counseling.

The organization offers free financial literacy classes and homebuyer advice with the mission to increase homeownership. Attendees learn how to improve their credit scores, what loans they can afford and what local programs can help offset down payments for first-time homebuyers.

“We go down to basics and teach people how credit affects people’s future, debt-to-income ratio — things you’re not taught in high school or anywhere,” VanNess said.

Housing Channel’s next financial literacy class is set for 5:30 p.m. May 13. Other classes include homebuyer orientations and workshops for people ready to start searching for a home. 

According to an April study from the National Association of Realtors, 29% of recent home buyers were millennials. Of these, 71% of younger millennials, ages 26 to 34, and 36% of older millennials, ages 35 to 44, were first-time homebuyers.

Fort Worth’s Homebuyer Assistance Program provides eligible first-time homebuyers up to $25,000 in grants to help with down payments and closing costs on houses.

While young adults are the largest group attending Housing Channel’s classes, VanNess said she’s seen people across all ages and demographics need help throughout the homebuying process.

She recalled a time when a man in his 60s grabbed her arm as she was riding in the office elevator, telling her: “I can’t believe they are actually gonna help me buy a house. I’ve never owned a home, nobody in my family has owned a home.”

VanNess said most class attendees come in with the perspective that mortgage payments are just an expense, but the classes aim to help people see homeownership as more of an investment.

“When you’re paying rent, that money goes to the landlord and you never see it again,” she said. “Whereas, if you put that money toward a house, you’re actually building up your own wealth.”

She recommends everyone look to buy a house as soon as possible and not stress out about the economic uncertainty of any given year. Economic uncertainty in recent months has taken a toll on the housing market nationwide as buyers and builders anticipate higher costs, according to the Washington Post.

“Enter the market when you can,” VanNess said. “Even if you’re not ready to buy your dream home, get a starter home.”

She believes that, ultimately, owning a house is good for both individuals and communities. 

“You have a financial stake in your neighborhood, you’re more active in your community, you care about it more,” she said. “It helps create more sustainable neighborhoods and communities when we have homeowners in those houses.”

Drew Shaw is a government accountability reporter for the Fort Worth Report. Contact him at [email protected] or @shawlings601. 

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