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Oakland Homebuyer Fair Draws Hundreds

A diverse crowd attends a workshop on “Managing Your Finances” at a new home buyers fair organized in Oakland by Filipinos for Affirmative Action. Photo by Neela Banerjee.

By Neela Banerjee

Nearly 300 people spent the day learning exactly what it takes to own their own homes at a first-time home buying fair, organized by Filipinos for Affirmative Action (FAA) in Oakland on Saturday, March 17th.

Working with the Fannie Mae Foundation and GMAC Mortgage Corporation, the fair was an effort to assist the low-income, immigrant community with the pitfalls of home buying, especially in the Bay Area.

“We wanted to introduce people to the whole process,” FAA counselor Melita Fabella said. “We had workshops showing people how they can build their credit, save money and get involved in the buying process.”

FAA held their first home buying fair in October of 1999 in Union City, after their mission as an organization became broader.

“We redefined our mission to include community building, and decided that part of our role is to develop the immigrant community,” Fabella said. “To help them achieve their American dream.”

More than 150 families attended the fair in 1999, which featured some 16 vendors and representatives from mortgage companies and other lending institutions.

“I think it was very successful because this is something that people really want to do right,” Fabella said.

FAA Executive Director Lillian Galendo explained that the organization’s mission is to build community by addressing the needs of the most vulnerable.

“Home ownership plays an important role in the stability of families and communities,” Galendo said. “We hope that by helping immigrant and low-income people gain equal access and information about home ownership, we can increase their willingness to invest in the community.”

The fair is especially important at a time when the Bay Area’s high rents are sometimes more expensive than mortgage payments. According to FAA, the average monthly rent of a two-bedroom apartment is $1,690.

“I think this is definitely important for the immigrant population because they see America as a place for home ownership, [which] may not have been possible in their home country,” Galendo said. “But here, it is not a simple matter, and if they have a bad experience, it could scare them away and do damage financially.”

Galendo said the housing market here is so “hot” that things move especially fast, with the average time a house is on the market being as short as 30 days.

Throughout the day, the fair featured workshops on getting mortgage loans and managing finances once one has a home. Workshops were offered in both Chinese and English.

“I think what was really great was that we didn’t just reach the Asian population,” Galendo said. “African Americans and people from other English-speaking immigrant communities have been here and stayed all day.”

Karleton and Darlene Tse of Union City are ready to start buying their first home. Photo by Neela Banerjee.

Karleton and Darlene Tse of Union City are just beginning to look into the home buying process.

“It is so intimidating,” Darlene Tse said. “The houses out there are starting to hit the millions.”

The Tses said that the workshops they attended were especially good because they broke down the basics and made them aware of steps they might have ignored.

“Just little things, like getting loans really far in advance,” Darlene said. “It just reinforced what I needed to hear, so we can go for it.”