Born and raised in San José, Kai and Daphne have spent most of their life in the Bay Area. Kai works in the restaurant and hotel industry while Daphne works in ophthalmology. They spent a few years in Santa Clara and out of state before deciding to settle down in their hometown. Through the Empower Homebuyers SCC program, Daphne, Kai, and their two daughters happily live in San José in a home they proudly own.
Before homeownership, Kai and Daphne found themselves in a renters’ loop. They were renters their entire adult life and faced an annual 10% rent increase as new parents during the pandemic. The outlook of their growth in income began to look bleak as COVID-19 took its toll on the hotel and hospitality industry, and their family needed to find stability.
“There was no end in sight to the rent increasing,” shares Kai. “Whereas with homeownership, not only is it stable, but you build equity so that you can eventually move to something bigger and better or pass it onto your children.”
As their two children grew past the baby stage, they began to dream big. Their daughters were getting older and they would need more room as a family. They began their research through a consultation with a relative who is a lender. She gave insight into what they could afford within their budget and referred Daphne and Kai to the Empower program.
Kai and Daphne were prepared, having just gone through a similar process for a separate lottery-based homebuying program. Their readiness with the documentation and familiarity with timelines helped them work swiftly with the County. After contacting and selecting a participating lender, they submitted their application for the program, which included providing digital documents.
“It really felt like Housing Trust was in our corner,” says Kai and Daphne. “We felt that they were truly trying to help, and if we made a mistake or had a question, Hong or Elisa worked with us to help us correct things to make sure we qualify and get through the application process. We felt supported – there’s no question about that.”
Throughout the process, Daphne and Kai looked for a home they envisioned building a life around. They recall the first day of an open house where 30 families lined up trying to get the same home. Navigating inflation and competition, their first round of offers taught them key lessons. Timing, homeownership association contracts, and interest rates were among many factors that ultimately determined whether their dream home would be within or out of reach.
One major lesson was understanding how sellers often under list prices by 10-15%. While many homes would appear within budget, they were often outbid. In the learning process, they managed their expectations and offers to give themselves more room to be in the maximum bracket of bidding and be competitive candidates. Today, Kai, Daphne, and their two daughters have a beautiful condominium of their ideal size, with three bedrooms and two baths.
“At first, we were hesitant to live in a condo, but it’s not that different from a townhome,” explains Kai. “There’s a stigma for a condo, like if it’s a big city condo, it’s like an apartment with neighbors.
But in San José and Santa Clara County, it’s not like a San Francisco condo. They are really more like townhomes grouped together. We don’t share walls with anyone. It feels like a home still, like a house – and that’s coming from us, having lived in so many apartments.”
Kai’s favorite room is the kitchen, comparably bigger than any they’ve had in the past for preparing meals together. Daphne’s favorite room is the bedroom and closet. Their two daughters also enjoy having their own bedrooms for the first time.
They all slept soundly on the very first night. Their family no longer stresses over questions about moving or rent increases every year. Daphne and Kai are excited about this new change that gives their family more options for the future. Empower’s extra down payment assistance also helped their family of four lower their monthly mortgage, which helped reduce the overall stress of owning your first home.
Kai explains, “The Empower down payment assistance program completely changed what we can afford in the market. We probably would have just ended up with a home that we would have been okay with, but we wouldn’t have seen ourselves in for 10-15 years. That extra 30% of funding power changed that to having a home we see ourselves in for the long-term and that we are really happy with. Even if you can afford it, if you qualify for Empower, it’s beneficial to try to get that extra assistance. We can’t say enough how appreciative we are!
With newfound security, Kai and Daphne encourage interested applicants to dream big and take the leap. Find more information about the Empower Homebuyers SCC at https://housingtrustsv.org/empower. Sign up for a free information session today!