Closing The Gap In Homeownership

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Release Date: June 4, 2024
Pages: 172
ISBN13: 979-8990555884

  

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Closing the Gap lights the way for homebuyers to step beyond bias and reach toward equitable homeownership. A valuable resource for fair housing advocates who want to be a part of the solution to close the gap—including homebuyer counselors, educators, realtors, and mortgage lenders.
Find out what’s being done by federal watchdogs to stop modern-day redlining, and how the rules have changed to help people of color, noncitizens, and lower-income households.

Explains eligibility rules for federal down payment assistance and how to find grants and incentives from local municipalities.

 

What’s included….

  • MEASURING THE GAP. Eye-opening facts about wealth and home equity gaps. Racial disparities in home affordability and cost-burdened renters. Multicultural population trends. 50-state table of homeownership by race and ethnicity.
  • LOST OPPORTUNITIES. Benefits of a healthier home, tax incentives, and federal aid. Wealth-building through growth in home value. 50-state table of home appreciation trends.
  • MORTGAGE DENIALS. Racial disparities in approval rates. Why applicants walk away, reasons for denial, and how to file a complaint. 50-state table of denial rates by race and ethnicity.
  • DISCRIMINATION & REDLINING. Modern-day redlining, digital redlining, and reverse redlining. Enforcement actions by the U.S. Department of Justice. 50-state table of expanded consumer protection laws for income, ancestry and LGBTQ+ status.
  • APPRAISAL BIAS. Racial disparities, below-contract valuations, and how to obtain a reconsideration of value or file a complaint. 50-state table of appraisal statistics.
  • INNOVATIVE SOLUTIONS. Flexible underwriting and streamlined verification steps for self-employed borrowers, foreign nationals, unbanked households, and borrowers with minimal credit history or past credit issues.
  • DOWN PAYMENT ASSISTANCE. Grants, soft second mortgages, deferred payment, and forgivable loans. Federal initiatives and incentives from local communities.

FIND AN ADVOCATE. Self-advocate your way to your new home! Support is on hand from HUD-certified counselors, the Consumer Financial Protection Bureau, Fannie Mae, and Freddie Mac.

MORTGAGE APPROVAL PROCESS. Qualifying income, rules for salaried, non-salaried, and self-employed applicants. How loans are evaluated. Calculation worksheets and document checklists.

CASH-SAVING OPPORTUNITIES. Flexible qualifying and down payment assistance for very low-income borrowers from Fannie Mae and Freddie Mac. Private mortgage insurance (PMI).

Also included...

50-state directory of housing finance agencies. Full text of applicable federal laws, including the Qualified Mortgage and Ability-to-Repay Rule, Equal Credit Opportunity Act (ECOA), and Fair Housing Act.