Valeria Esparza-Chavez (Courtesy photo)

Wondering what it takes to buy your first home? Get answers to your questions at Wells Fargo’s free Advancing Homeownership Fair and Breakfast on Saturday, Sept. 16, from 10 a.m. to 1 p.m., at The Beehive, 1000 East 60th Street near Central Ave.

English and Spanish-speaking Local Home Mortgage Consultants will be on-hand to discuss finding, financing, and owning a home of your own.

Learn how to become mortgage-ready, how to make sure you have a solid financing plan with pre-approval in hand, and how to choose a real estate agent that can help you find the home that meets your needs. Attendees will receive valuable information about immediate down payment and closing cost assistance that could help them achieve the goal of homeownership.
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Valeria Esparza-Chavez, Head of Home Lending Hispanic Segment at Wells Fargo, on buying a first home.

“Potential buyers should focus on their unique financial goals, opportunities and circumstances in deciding when and what to buy. Despite headlines, take stock of what’s happening in your own situation, like your family’s financial situation, job stability and goals.

“For example, have you already set aside money for your down payment? Do you feel secure in your job? Or have you lost some of your family income? So, now’s the time to focus on research and continue saving as much as you can.”

Explain the Home Buying Plan.

“An HBP finds your funds before you find your house by getting you pre-approved. You’ll make offers with confidence if you understand how your new house payment will fit into your budget, how much you’ll have available for the down payment, and how much you may be eligible to borrow.

“Prioritize what you really want in a home, so you can move quickly when you find a home that fits your checklist and your budget. Know the difference between “must-haves” and “nice-to-haves.”

L.A. County home ownership rates. (Datawrapper)

Talk about the Wells Fargo Mortgage Affordability calculator.

“The WF Mortgage Affordability Calculator gets an estimated home price and monthly mortgage payment based on your income, monthly debt, down payment, and location. It finds out how much you can afford. You’ll discover estimated annual property taxes, homeowners’ insurance, and mortgage insurance premiums, along with your estimated debt-to-income ratio.

“Your monthly payment may include additional costs including [Homeowner Association] fees, condo fees and utilities, which are not included. Loan terms and mortgage interest rates may vary based on your credit score and your individual situation. You can use the calculator at any time.”

Share one myth homebuyers should never believe.

“While many people think you can’t buy a home without a 20 percent down payment, many mortgage options allow for lower or even no down payment. A home mortgage consultant can help you determine what works best for your finances and what programs you may qualify for.”

“Homeownership provides families stability and an opportunity to build generational wealth. But unfortunately, it may feel out of reach for far too many people—especially those in historically underserved communities,” concluded Esparza-Chavez. “We continue to work with industry partners to break down the systemic barriers that make homeownership difficult and help make the dream of homeownership accessible to all Americans,” she said.

For more information on Wells Fargo’s FREE Advancing Homeownership Fair and Breakfast, visit (Access Code: AH23LA)