Home sweet home: Congressional Black Caucus initiative leads HBCU, community college students down the road to homeownership

But Vanessa Warrick, a Washington, D.C.-based State Farm Insurance agent who has been traveling with CBCF to present at the workshops, says that recent graduates shouldn't worry.

"Student loans are what we consider good debt," Warrick says. When considering applicants for mortgages, loan officers look at your income-to-debt ratio, says Warrick, who advises the potential homeowners to establish a budget so that they can understand how much of a mortgage they can afford.

Both Griffin and Warrick say the current low interest rates on home loans and the rapid increase of housing values in some markets is an incentive for people to work toward buying a home at age 28.

"First and foremost is the equity that can potentially build in your home," Warrick says. "You can sell that property, pay for your wedding or rent it out.

"A mortgage is a tax deduction and a solid investment," Warrick adds.

Even if young professionals plan to relocate within a few years, they still should consider homeownership, Griffin says. "First of all, people remain stationary longer than they think."

This is true for Lorraine Lighthead, a senior manager at America Online, who considered buying a home after graduating from Bowie State University in Maryland, but then put the plan on hold.

After earning a degree in communications in 1999, she took a job as an assistant producer for a local television station, rented an apartment in Maryland and planned a move to the West Coast.

"I was 22 renting an apartment, 23 renting an apartment, 24 renting an apartment--and rent goes up every year," Lighthead says. She finally decided to invest time and effort into buying a home. A year later she closed on her first home in Virginia.

Even if a young professional decides to attend graduate school, homeownership can be a smart decision, Warrick says. She advises graduate students to consider a multi-unit house with the plan of renting to another graduate student at a rent lower than the current market rate.

"Loan officers take into account potential rental income when deciding to approve your loan," Warrick says. And, by renting out part of the home, you can help yourself and someone else.

This is how Toiya Crump came to save money to purchase her home. A year after graduation, one of her classmates built a three-bedroom home in the Atlanta suburbs.

"She was just starting out and decided that she wanted to make a little money on the side, and help someone else who wanted to buy a home." So Crump, who at the time was renting, moved out of her apartment and in with her friend.

"I paid $400 flat--no utilities," Crump says. Crump saved for six months, built and purchased her own house, and then helped another girlfriend save for her own down payment in the same way.

"We are not saying that this is going to be easy," Griffin says. "You have to make a sacrifice for everything you do in life."