Study finds homebuyers in lower income and minority neighborhoods pay higher FHA loan rates

Insight News.  July 27 2010.

Excerpt:

Minnesota Neighborhoods Organizing for Change (NOC), a Twin Cities-based nonprofit organization that builds power in low-income neighborhoods through community organizing, released a new study showing that nationally and in the Twin Cities, homebuyers in lower income and minority neighborhoods are paying higher rates on FHA home mortgages and that the disparities in the Twin Cities are worse than in other metro areas.  Because FHA loans are federally insured and only available to borrowers who meet the FHA lending criteria, these disparities cannot be explained by differences in risk factors, such as credit, among the borrowers.

Read the full story at Insight News

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  • published this page in News at NOC 2011-12-29 17:47:27 -0600

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