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stop the hate | by lisa lipsey
A Facebook post by Benny Cartwright (yes, that Benny, you likely know him) and the lively comment section got me thinking about rental rates in Hillcrest and home ownership in the LGBTQ community. How do we navigate home ownership today? How can members of our community, who have created families of choice, and often do not benefit from generational wealth by inheritance, reach this ideal American dream?
Recently, I did benefit from generational wealth. My Mom was a passionate NICU and ICU Nurse Manager. She was the first in her family to own a home, and as a single woman (bad-ass!). She died in October 2022. Nothing has hit me quite like the loss of my Mama, but the one silver lining is this gift: She had all her wishes laid out. She left a portion of the sale of her home to me, which served as a strong down payment for the home I purchased in March.
Yes, a down payment is helpful, but equally important, I had an amazing team of queer and queer-allied experts in my corner. I purchased a home, knowing that it was a foot in the door that would offer me stability. I went from a two-bedroom, $2,700 monthly rented condo in San Marcos, to a three-bedroom single-story home at $1,845 per month in Escondido. I have peace of mind, knowing that I could opt to rent it out, live other places, and then retire here. Or perhaps one day, sell it when I am ready to get a step closer to my dream home. We’ll see what life brings. I try not to take anything for granted.
So, for this article, I circled back to my team, and I asked them for their best tips and thoughts on home buying today for the BIPOC and LGBTQ communities. Nothing is impossible. Keep dreaming and use the wisdom of industry experts.
Maria Lopez, real estate agent, Mi Casa Real Estate
She/her/hers
Languages: English/Spanish
LGBTQ ally
“What I see, and what is important to my buyers is a fixed-rate loan: Having consistency and peace of mind that your monthly mortgage will not go up. You can’t control HOA or property taxes, but the pros outweigh the cons. Rents continue to go up. With a home, you are investing in yourself, building equity and, in an emergency, you can tap into it.
“It takes most people time to prepare for home buying. Pull your free annual credit score, do what you can to clear outstanding debt, to fix late payments and try not to max out your credit cards. Be sure to dispute charges, or request corrections. The Credit Bureau just accepts reports, so don’t be intimidated. Things reported may not be accurate.
“People ask me how important is saving up for a down payment. It is important. Investors will have more confidence in you and lenders can advocate for you if you have 2.5% to 20% down. They want to see you are a serious buyer with skin in the game.
“Find a Realtor and a lender that you can trust and don’t be afraid to ask all your questions. Meet them face to face, ask them to repeat the answer. Don’t be shy. I tell my clients, if it is not a fit, they can fire me. There has to be trust. Your agent must have your best interests in mind. This is why I never represent both the buyer and the seller. You cannot serve two masters. A good team will empower you with information to make the best decision for you.
“The biggest issue today is low inventory. When you buy a property, be realistic. Get started in the market and in 3-5 years move up to another home.”
Yamila Ayad, mortgage broker at Equity Smart Home Loans
She/her/hers
Languages: English/Spanish
LGBTQ community member
“I am a native of California with roots in Colombia. Spanish is my first language. I grew up in Los Angeles and have lived in North San Diego County since 1986. I am a passionate advocate for first-time homebuyers and have specialized in helping in the Latino community. I believe EVERYONE deserves to be treated with kindness and respect. I live in Encinitas with my wife of 26 years, Mary, and our two furry kids Dulce and Bijou.
“There are qualifications, first-time home buyer or not, they will look at credit, debt, employment and savings. These things have fairly equal weight. They are looking at your gross monthly income and ensuring that your mortgage is not more than 46% of your gross income. It can be up to 55% with an FHA loan. FHA loans are rarer these days. In the past 75%-80% of loans were FHA. That allowed for imperfect credit scores (580 on the low end). But if you had that low of credit, you of course got hit with a higher interest rate. Today, you should have 650 or better and keep your payment to 46% of your gross monthly income to qualify for a reasonable home loan.
“I always tell people, secure your shelter. I got into this business over 25 years ago, because I saw that no one was lending to Latinos or LGBTQ. The people we helped become homeowners, they have equity today and it is their children that we are now helping to find homes.
“Try not to get discouraged. The first step is to secure your future. So, the first place you own isn’t your dream home? So what! Here in San Diego County, we have a 10-15-year backlog of new housing development. We also have seniors staying in their home, and their children and their families are moving in with them. Inventory is low. It’s most important to get started.
“Start by talking to someone. Honestly, if you walk into a larger institution, they don’t have the time or interest to help you build toward home ownership. You need trusted allies and home ownership counseling. There are some great nonprofit housing agencies including Urban League of San Diego and the Riverside MPHS, and nonprofit credit counseling programs. Use those resources!”
Mary Mancera, senior vice president of industry relations, LGBTQ+ Real Estate Alliance
She/her/hers
Languages: English/Spanish
LGBTQ community member
“I currently serve as senior vice president of industry relations for the LGBTQ+ Real Estate Alliance, a 501(c)6 nonprofit dedicated to connecting LGBTQ homebuyers with LGBTQ real estate professionals.
“I went into this work because in our community 49% of us own homes, compared to 65% of the straight, white community. That is a disparity, and it is at a national level. Fortunately, we live in California, where LGBTQ rights are protected. There are still 29 states that have no protections for sexual orientation or gender identity. This is why we want to see the passage of the Equality Act. One of the significant pieces of that legislation is protections in housing and fair-housing initiatives, including for us.
“According to the HRC, there are 400 (and counting), pieces of legislation, both state level and local ordinances, aimed at LGBTQ people. Wherever you are thinking to live and buy a home, you should work with a real estate agent that has experience in our community and knows the laws and rights in that area. You can thrive despite adversity. I am firm believer that thoughts become things. Planning is the first step. I’ve seen my wife put people on the right track and three years later, when they completed those steps, they reached their desired outcome.
“Most of us want to live in places where we see other LGBTQ people, which means urban and metro areas, which tend to more expensive. But your first goal is wellness and wealth creation. It’s a fact: When you own your own home, you accrue equity and build wealth overtime.
“At the Alliance, we launched an initiative to Stop the Hate in Real Estate. George Floyd’s murder really hit corporate America, and brought ideas to the forefront around tolerance, discrimination and equity. At the Alliance, we realized, across the United States, real estate professionals represent 1.5 million independent contractors. There needed to be a pledge and efforts to stop discrimination in real estate. That agents representing sellers should be presenting the offers, without taking into account a conservative, older, white seller’s biases, and they should not bring any of their own biases to their sellers — no bias in ethnicity, sexual orientation, or gender identity.” realestatealliance.org
“Personally, I am excited about our young people, and their push for transparency, to be unapologetically accepted for who they are. I’ve been in this fight for civil rights and equity and it is a long-haul fight, it is still going on, but I believe that in our community, we are each other’s best allies.”
San Diego LGBTQ Real Estate Alliance
https://realestatealliance.org/organizer/the-alliance-san-diego/
Urban League, San Diego County
https://sdul.org/home-ownership/
Credit.org
www.credit.org
Credit.org is a 501(c)(3) non-profit personal financial education and counseling organization founded in 1974 with the mission of improving the financial well-being of individuals and families. Credit.org is a U.S. Department of Housing and Urban Development-approved housing counseling agency. Financial coaching and guidance is available by telephone or in-person at branch locations by appointment.