Local lenders and realtors at Capital Con lay out steps from renting to owning

At Capital Con in downtown Little Rock, a panel of local lenders, real-estate brokers and a city official offered practical advice to renters and prospective first-time buyers on how to move from renting to homeownership.

Shannon Smith, principal broker of SSD Realty Group LLC and the panel’s moderator, opened the session by framing homeownership as a path to generational wealth and said the panel would focus on ‘the journey from rent to real estate’ and the concrete steps residents should take to prepare. Tracy, the City of Little Rock’s community development manager, said homeownership “adds to your net worth” and creates collateral that can be passed to future generations.

Thomas Williams Jr., a CRA mortgage loan officer at U.S. Bank, emphasized budgeting as a foundation: “Start with a budget,” he said, and recommended writing income and expenses on paper or a spreadsheet to establish what a buyer can realistically afford. Panelists said lenders should be the first stop to assess credit, debt-to-income (DTI) ratios and affordability before shopping for properties.

Chris Cunningham, senior mortgage loan officer and community development manager at Hope Federal Credit Union, warned about actions that can jeopardize a pending mortgage approval. “Don’t go financing any furniture. Don’t go open up any new accounts. Don’t go buy a new car,” he told the audience, advising buyers to avoid major credit changes before closing. Panelists called this checklist the ‘10 commandments’ of what not to do when a loan is in process.

The panel addressed common misconceptions: Keisha Walker, owner of Dawn Realty and Associates, said some people assume quick credit-repair services will solve deep credit problems. She urged attendees to work with legitimate credit counselors and to bring tax returns or prior employment documentation to lenders when relevant rather than rely on unverified services.

Panelists also discussed market changes since the COVID-19 era. Thomas noted that interest rates and construction costs rose over the past few years, increasing monthly payments for entry-level homes compared with several years ago. Panelists recommended comparing local sale comparables and rent trends — including public tools such as HUD, Federal Reserve data and listing sites — to evaluate whether a listed home is overpriced relative to the market.

On timing and life stage, speakers urged attendees to consider mobility and career plans. “Homeownership is a commitment,” one panelist said, noting that renters often have more flexibility. The group recommended short action plans — three to six months — and individualized follow-up meetings with lenders to set achievable milestones for credit repair and savings.

The panel closed with contact information and follow-up resources; presenters said session materials would be uploaded to YouTube and that Capital Con will host additional workshops. Attendees were invited to meet panelists afterward for one-on-one guidance.

Next steps: attendees were urged to (1) build a written monthly budget, (2) speak with a lender to get a DTI assessment and an action plan, (3) establish an emergency fund and homeowner-insurance understanding, and (4) avoid opening new credit or making major purchases before closing.