The American Dream of owning a home still escapes some members of various minority communities, unfortunately, because mortgage lenders will not finance their purchase. Here’s a snippet from the St. Petersburg Times article telling us all about it:
While the hot housing market and bargain basement interest rates have allowed more people than ever to become homeowners, a new study makes the case that many African-American and Latino families continue to be locked out of the American Dream.
Discrimination is wrong and I applaud ACORN for its efforts. Minority members of communities all across Florida, and America, should be able to attain financing to buy their dream home, especially with 100 percent and 103 percent financing available that can finance the entire purchase with $0 down. Bad credit shouldn’t be a problem, either, since there are mortgage lender services that allow someone to clear their credit history to make sure it’s good enough so they’ll qualify for a loan.
Minority home ownership needs to be increased and mortgage lenders should be working to make that happen, not slow it down or prevent it.