Lenders offering assistance to minority homebuyers
After years of seeing a growing disparity in homeownership rates between the races, banks are beginning to take action to correct this. Many mortgage lenders have rolled out programs this year to help increase home buying opportunities for Black Americans in ways unseen before.
Black home buyers have been at a disadvantage for decades, largely due to discriminatory lending practices. In the early 2000s, subprime mortgage lending that included high-interest loans with limited credit, were targeted to Black house hunters. As a result, foreclosures and repossessions have disproportionality impacted them.
Some of the offerings from these lenders including closing-cost credits, down payment assistance and expanding loan approvals to affordable housing communities.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.
Black home buyers have been at a disadvantage for decades, largely due to discriminatory lending practices. In the early 2000s, subprime mortgage lending that included high-interest loans with limited credit, were targeted to Black house hunters. As a result, foreclosures and repossessions have disproportionality impacted them.
Some of the offerings from these lenders including closing-cost credits, down payment assistance and expanding loan approvals to affordable housing communities.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.