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Attn: Homebuyers of Color
High rates likelier for minorities
BY DEB GRUVER The Wichita Eagle Minority homeowners receive high-interest mortgages 30 percent more often than whites, even when they have the same credit histories and qualifications, a national study has found. The study, released Wednesday by the Center for Responsible Lending, analyzed 50,000 mortgages in the subprime market. Subprime loans carry higher interest rates and generally are marketed to people with less-than-perfect credit who can't qualify for a better rate. Black and Hispanic families were a third more likely to finance the purchase of a home with a high-interest loan, according to the study, which looked at data collected under the Home Mortgage Disclosure Act. The center says high-interest and high-fee lenders aggressively go after minority customers while lenders who can offer better rates often overlook them, the center says. Read The Rest Here The article does include a few ways to be sure you get the BEST (and fair) interest rate. |
My chapter is scheduled to host a home-buying seminar later on this month. Hopefully those in attendance will be able to obtain a wealth of information regarding purchasing a house.
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if you're in the DC metro area, Prince George's County is hosting a home ownership fair.
date: June 10 time: 9 AM until... location: Sports and Learning Complex, 8001 Sheriff Road Landover, MD 20785 cost: FREE check out the website for more info on our Second Annual Homeownership Fair. The Fair will include a Housing Policy Forum, Homeownership Workshops, free credit reports and drawings for downpayment/closing cost assistance grants. There will also be a variety of family entertainment activities. The workshops will be conducted by non-profit homeownership counseling agencies including Greater Washington Urban League, Housing Initiative Partnership, Inc., Kairos Development Corp. Inc. and Sowing Empowerment & Economic Development, Inc. (SEED). The raffle winners will be announced at 1:30 p.m. and attendees must be present to win. |
Re: Attn: Homebuyers of Color
One of my colleagues just mentioned that he heard that interest rates might be as high as 7% for everyone by the end of the year! Anyone else heard anything? Shoot with a 2-bedroom shack in LA costing $500K, I will definitely not be able to afford anything!
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Summerchild, interest rates are definitely on the rise. I kinda think that the higher the interest rates go, it will put pressure on home prices.
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those of you looking into Nehemiah programs, check out this article, fyi: IRS Ruling Imperils 'Gift Fund' Charities For Home Buyers
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Blutang, isn't there an income cap on the Nehemiah programs? Do you know what it is?
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DC_Zeta1920,
Yes, I hope that it puts a TON of pressure on these home prices b/c it is ridiculous out here...probably everywhere. HC they want 500K for a two bedroom SFH that is a *shack*? HC I'm mad b/c they get away with asking these prices? SC Quote:
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I too have recently entertained the idea of buying a townhouse but the market prices in my area are a little too high!:eek: The best advice I got from my sister who bought her house years ago is not to get the ARM -Adjustable Rate Mortgage which changes according to the interest rates and market. I also attended a grants seminar and was informed that there is $250,000 available for first time home buyers from the federal government- and for those who may be buying again if you haven't bought a house within the past three years. It is also best to have at least a twenty percent or more downpayment to reduce that mortgage payment.
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Hello Lady of Pearl,
I guess that I thought that it was not really worth it to save up that much (20%) only to fork over, especially b/c depending on the cost of the house, it may not make that much of a difference in the mortgage payment and you could have done so much with that liquid cash in terms of investing it, etc., especially if you don't intend to ever pay the mortgage off. Have you heard this? What do you think of the 80-20 loans where you put no money down? SC Quote:
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Soror, I just remembered that another Soror was telling me about housing in Councilman Parks district. There is supposed to be housing plans in the works all over his district. I have a telephone call into his Economic and Housing Chair (I can send you the telephone # if you want info). Does anyone in LA know anything about these developments?
I know that at least one is mixed income but I don't know about the others. I have also heard that he's basically been blowing smoke for a few years now. I don't know how true that is. Anyone got any details? SC Quote:
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Apparently there are four new developments going up in Councilman Parks' district in the Crenshaw-Baldwin Hills area.
To anyone in LA: let me know if you want info. His housing director is supposed to email me the information. On my voicemail, he referred to them as "market rate" so I just hope that they are affordable. SC Quote:
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