Episode 367: How to Buy Your First Home: What First-Gen Latinos Need to Know About Mortgages, Down Payments, and Chase’s Programs for You

In this episode of Yo Quiero Dinero, Jannese sits down with Josie White, Home Lending Advisor at Chase, to break down different homebuyer programs Chase offers. Spoiler: you might be more ready to buy than you think.

Listen in:

If you grew up in a Latino household, you know the script. Work hard. Stay humble. And above all — own a home. It was the dream your parents crossed oceans for, the one thing that meant you made it. But somewhere between that dream and the reality of today’s housing market, a lot of us got lost. Maybe you assumed you needed 20% down (you don’t). Maybe your credit isn’t perfect (it doesn’t have to be). Maybe you’re self-employed and think that disqualifies you (it’s complicated — but not a dealbreaker).

In this episode, Jannese brings on Josie White from Chase Home Lending — a bilingual advisor with 15 years of home lending experience and 30 in banking — to bust every myth you’ve been holding onto about homeownership, and walk you through what you actually need to know to make it happen.

Stop Assuming You’re Not Ready

One of the biggest things Josie sees in her work? People who never even pick up the phone because someone else told them it wasn’t possible. A neighbor had a bad experience. A cousin got denied. And suddenly the whole family believes homeownership isn’t for people like them.

“Don’t assume. Just give us the opportunity to see the plan. Don’t assume that because someone else’s didn’t happen, that’s the same situation.”

That’s Josie’s number one message. Every financial situation is different. And a lender who actually wants to help you will sit down with you, go through your finances, and tell you the truth — including whether now is the right time, and if it isn’t, what you need to do to get there.

The 20% Down Payment Myth Is Costing You (and First Time Homebuyer Programs for Latinos)

Let’s just say it: you do not need 20% down. In today’s market, where home prices in many cities mean a 20% down payment could be a six-figure number, that belief alone is keeping people out of the market for no reason.

Here’s what’s actually available:

• DreaMaker Mortgage: Chase’s program for low-to-moderate income buyers requires as little as 3% down. Eligible buyers may also qualify for grants of $2,500–$5,000 that don’t have to be repaid — applied directly to your down payment or closing costs.
• FHA Loans: Require just 3.5% down and are more flexible with credit and debt than conventional loans.
• Homebuyer Grants: Chase offers qualifying buyers up to $5,000 in eligible neighborhoods nationwide. Find out if you qualify at chase.com/afford
• VA Loans: If you or a family member served in the military, you may qualify for a VA loan with zero down payment and no private mortgage insurance. (Jannese’s own dad bought his childhood home this way — after assuming he’d never afford one.)

Josie’s advice: don’t let a number you heard somewhere stop you before you’ve actually talked to someone. The landscape looks very different once you understand all your options.

Pre-Approval vs. Pre-Qualification: Know the Difference

These two terms get used interchangeably, but they are not the same thing — and knowing the difference can give you a real edge in a competitive market.

• Pre-qualification is a quick, basic estimate based on general information you provide. It’s a starting point, not a commitment.
• Pre-approval (or conditionally approved) means your credit, income, employment, and debt have been reviewed. In a multiple-offer situation, this gives you an advantage.

Josie’s recommendation: skip the pre-qual and go straight for pre-approval. It’s the same process, but it gives you real purchasing power when you’re ready to make an offer.

Credit Scores, Documentation, and How to Actually Prepare

You don’t need a perfect credit score. You need to know where you stand and understand how it affects your interest rate. The better your credit means less money out of your pocket over the life of the loan. Many programs work with scores of 620 and above.

Chase’s free Credit Journey tool is available to everyone — not just Chase customers. It lets you track your score, review your full report, and get personalized recommendations. Find it at chase.com/creditjourney

For documentation, come prepared with:

• Two years of income history (W2, 1099, or business docs if self-employed)
• Proof of employment stability
• Details on your debts, savings, and assets
• If you’re self-employed: coordinate with your accountant BEFORE writing everything off. Aggressive deductions that lower your taxable income can hurt your mortgage qualification.

Jannese shared her own experience here: she intentionally increased her business salary and kept it consistent for two years before buying — so there was no question on paper that she could afford it. Plan ahead.

Language Access and Multi-Generational Buying: Chase Gets It

For a lot of listeners, the home buying process isn’t just complicated — it’s complicated in a second language. Josie, who is fully bilingual, noted that Chase has a dedicated Spanish-speaking team. You should never have to navigate something this important without fully understanding what you’re signing.

And when it comes to multi-generational purchasing — kids buying with parents, cousins combining income, friends going in together — it’s more common than ever, and completely possible. You don’t need any particular relationship with the person you’re co-buying with. You just both become co-owners of the property.

How to Strengthen Your Financial Profile Right Now

Not quite ready to qualify? Here’s what Josie says to focus on:

• Pay down your credit cards and keep utilization under 30%
• Avoid taking on new debt before you buy (yes, the new car can wait)
• Check your full picture using Chase’s free Credit Journey tool
• Consider consolidating high-interest debt into one manageable payment
• Distinguish between what you want and what you need — get intentional about where your money goes

“The stress is created by not knowing. Come over, let me give you the information so you can make an educated decision.”

That’s the move. Stop sitting in the unknown and go get the facts. You may be more ready than you think.

How to Take the First Step

Josie’s answer was simple: pick up the phone. Call Chase, walk into a branch, or start online. Tell them where you are and what you want. There is no fee for the conversation, and you don’t need to have a specific property in mind.

Chase resources mentioned in this episode:

• Homebuyer Grant (up to $5,000 in eligible neighborhoods): chase.com/afford
• Credit Journey (free credit tracking, open to everyone): chase.com/creditjourney
• Homebuyer Assistance Finder: Search programs and grants you may be eligible for — linked in show notes

Episode Takeaways

• You do not need 20% down. Programs starting at 3% exist — and some include grants that don’t require repayment.
• Pre-approval is stronger than pre-qualification.
• Chase’s DreaMaker Mortgage is designed for low-to-moderate income buyers, with down payments as low as 3%.
• Qualifying buyers can access up to $5,000 in homebuyer grants through Chase in eligible neighborhoods.
• Credit Journey is a free tool open to everyone — use it to track and improve your credit before you apply.
• If you’re self-employed, talk to your accountant before writing everything off. Your taxable income needs to reflect your ability to pay a mortgage.
• Fixed rate = stability. Adjustable rate = lower initial payments if you’re planning to sell or move within a few years.
• FHA loans are more credit-flexible than conventional loans. VA loans (for military members) can require zero down and no PMI.
• Multi-generational and co-purchasing arrangements are possible and increasingly common.
• The stress around homeownership usually comes from not having information. Go get the information.
• If circumstances allow, don’t make big purchases or take on new debt before buying a home — it affects your debt-to-income ratio.
• Your home buying journey doesn’t have to look like your parents’. More people are buying multiple properties, renting them out, and building real wealth through real estate.
• The first step is simply making the call or walking into a branch. There is no fee to talk to an advisor.

Connect with Josie and explore home buying options!

Watch the full interview on our YouTube channel! Subscribe here.

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Until next time, stay empowered, stay inspired and #StayPoderosa ✨