Profile picture for ryan576

Any special concessions available to minority home buyers?

I've heard of no PMI payments for one. Lower down payment options were also mentioned, but my banker had no idea about these things. Any help?
  • March 30 2010 - Baton Rouge
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Answers (7)

Why? Why would someone base a decision to give someone money because of how they sounded or looked? Besides being illegal and unethical it would not make business sense...to lend based on color, accent or otherwise is simply stupid.  People are people..and the hope is in America in the 21st century we make business decisions on what someone is as a person...how they work hard, how they save and how they make something out of what they have in life.  Keeping their promises..like paying what they owe when they are supposed to.  The end result of those efforts are a good credit report and some money in the bank...a basis that shows they are responsible adults ready to take on the committment it takes when buying a home.
  • September 24 2012
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Profile picture for ErinnaTsai
It is illegal to discriminate in the provision of or in the availability of
financial assistance.  Have you prepared all necessary statements?
There are several programs from lender side can do.  Please check
with your loan officer for details.
  
 
  • September 08 2012
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Profile picture for KIMcl
The first response implies that minority means poor.

Make sure you have an agent who doesn't discrimate against you, even if not out loud.  Read between the lines.

I recently contacted 5 realators prior to one that would show me a home that I immediately put in an offer on.  The others were afraid to waste their time on me just in case I wasn't really pre-qualified, I'm actually PRE-APPROVED.

Good Luck
  • September 07 2012
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Profile picture for TmgSmith
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  • September 07 2012
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There may be special programs for low or lower income homebuyers. The programs tend to be specific to an area and funds can be limited.

By law, lenders are unable to either discriminate or give favorable treatment to someone based on their ethnic heritage or minority status.
  • March 30 2010
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Profile picture for wetdawgs
Sorry, housing is legally equal opportunity.  
  • March 30 2010
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Housing is an Equal Opportunity business.
  • March 30 2010
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