The Advancing Homeownership Fair is one way the bank is changing the narrative in communities of color.
Becoming a homeowner, it’s the American dream for most, but for some, especially people of color, it can be elusive.
According to a 2021 UCLA report, Afro-Latinos are facing a battle when it comes to homeownership compared to other groups. While Afro-Latinos have lower homeownership rates compared to other groups, 40.6% for Afro-Latinos versus 54% for non-Black Latinos, those who do own have higher home values than non-Black Latinos and the U.S. population overall —$210,000 versus $200,000. Researchers have also found Afro-Latinos have higher poverty rates. In 2019, Afro-Latinos experienced a poverty rate of 23%, three percentage points higher than the poverty rate of non-Black Latinos and the overall U.S. population.
Wells Fargo is out to change those numbers by educating people of color by way of their Advancing Homeownership Fair on Saturday, July 20, from 10:00 am – 1:00 pm at Santa Ana College, located at 1520 W 17th St. in Santa Ana.
“Wells Fargo continues to work with industry partners to break down the systemic barriers that make homeownership difficult and continues helping make the dream of homeownership accessible to all historically underserved communities of color,” said Valeria Esparza-Chavez, head of Home Lending Hispanic Segment at Wells Fargo.
The purpose of the fair is to share valuable information to Blacks, Latinos and especially Afro-Latinos, about the resources that exist to create more homeowners of color in Los Angeles. Wells Fargo started the Advancing Homeownership fairs in 2013 as a way to connect with community.
“At the upcoming event at Santa Ana College, attendees will receive valuable information about immediate down payment and closing cost assistance programs that could help them achieve the goal of homeownership,” said Esparza-Chavez.
According to a recent report by the National Association of Realtors, despite fast-rising mortgage rates, minority groups saw increased homeownership rates in 2022. Among Asians (63.3%) and Hispanics (51.1%), homeownership rates registered at all-time highs. Black homeownership rate experienced a modest uptick to 44.1%, but remains substantially lower than Asian, Hispanic and White (72.3%) Americans. Since 2012, the homeownership gap between Black and White Americans has widened from 27% to 28%.
“Homeownership provides families stability and an opportunity to build generational wealth,” said Esparza-Chavez. She shared some of the issues that block potential homeowners from realizing their dreams.
“Don’t assume that myths about purchasing a home are true,” said Esparza-Chavez. “You don’t necessarily need a high downpayment or perfect credit to make your homeownership dreams a reality.”
She continued, “Many lenders have programs that are aimed at assisting low- and moderate-income buyers.
“Educate yourself and ask questions to explore your options.”
In August 2023, Wells Fargo launched its Homebuyer Access grants that provides $10,000 to be applied toward the down payment for eligible homebuyers, who currently live in or are purchasing homes in certain underserved communities in eight metropolitan areas.
“This offering under the SPCP adds another key component to Wells Fargo’s efforts to help drive economic growth, sustainable homeownership, and neighborhood stability in minority communities,” said Esparza-Chavez.
Besides attending the Advancing Homeownership Fair, Esparza-Chavez shared what actions potential homeowners could take now.
“Leverage the advice of professionals,” said Esparza-Chavez. “Work with a home mortgage consultant, like at Wells Fargo, to make sure you have a solid financing plan with a pre-approval in hand; and a real estate agent that can help you find the home that meets your needs and present a solid offer.”
For more information and to register, visit www.wellsfargo.com/welcomehomesantaana
