Home ownership focus of VCCDC seminar this Saturday

Homeownership is critical to financial stability and wealth building, with homeowners often holding 45 times the net worth of renters. To help local residents achieve this, VCCDC will host its 2nd Annual Kern County Home Ownership Conference on Saturday, Sept. 14, focusing on homeownership and financial empowerment.

Keily Victoria, director of program development at the Ventura County Community Development Corporation, said, "We are a nonprofit dedicated to empowering low- and moderate-income families through home ownership and financial education. Our approach includes free classes, financial coaching, mortgage lending and down payment assistance. Since our expansion into Kern County in 2019, we have been committed to serving communities like Wasco, addressing the urgent need for education on credit improvement, financial management and homeownership requirements."

A key offering of VCCDC is its HUD-approved homebuyer classes. The classes, available in English, Spanish and virtual formats, demystify the home-buying process, helping attendees understand requirements, available resources and the necessary steps to purchase a home.

In addition to group classes, VCCDC provides individualized financial coaching. Participants work with a HUD-certified homeownership specialist who assesses their credit, reviews their budget, determines what they can afford regarding a mortgage and receives a custom action plan to prepare for homeownership.

The nonprofit is a leader in assisting first-time homebuyers with specialized products. Unlike traditional loans that require a 20% down payment, VCCDC offers options that require significantly lower down payments and are accessible to those with lower credit scores. Victoria explained, "We work with state, federal, and local agencies to distribute funds designated for homebuyers, and we collaborate with public and private entities to develop additional programs."

One such program is the WISH Grant, facilitated through the Federal Home Loan Bank of San Francisco. This matching grant allows buyers to receive $4 for every dollar they contribute, up to $30,000, with the grant being forgivable after five years of residence. Another program, CAL Home, provides up to $30,000 in deferred loans to low-income households, with no payments required for 30 years and a favorable simple interest rate of 3%.

Eligibility for these programs typically extends to homebuyers earning up to 80% of the area median income. For instance, a family of four in Wasco making less than $70,300 may qualify for assistance. Prospective buyers must also qualify for a mortgage to access these funds.

On Saturday, VCCDC will host its homeownership conference at the DoubleTree Hotel in Bakersfield from 10 a.m. to 2 p.m. at 3100 Camino del Rio Court. Attendees can participate in a panel of experts and workshops on credit, down payment assistance programs and the home buying process. An exhibit hall featuring various partners will provide additional resources, and the loan center will offer free pre-qualification services. The first 250 attendees will enjoy a complimentary lunch.

Victoria encourages Wasco residents to attend: "We are thrilled to offer this free event where community members can ask questions, learn about resources and gain valuable insights into making homeownership a reality. It's family-friendly, and we welcome everyone to bring their kids."

For more information or to register, visit VCCDC.org or call 661-601-7805.