Lending industry representatives say the data WBUR used in its analysis doesn’t tell the full story about denial rates. "Homeownership is one of the major drivers in the racial wealth gap," said Tatjana Meschede, associate director of the Institute for Economic and Racial Equity at Brandeis University.Īn often-cited study by the Boston Fed in 2015 found the median net worth of a white household in Greater Boston was approximately $250,000, while the median figure for a non-immigrant Black household was $8. So, when Black and Hispanic residents encounter more hurdles to financing a home, the ramifications are broad and lasting. It’s the primary way most Americans build wealth. Homeownership isn’t just about fulfilling a dream. WBUR found lenders denied loans for home purchases in majority-Black parts of Boston at 2.5 times the rate of majority-white areas. In addition to the higher denial rates for Hispanic homebuyers, the numbers were working against Bello in another way: It’s harder to secure home loans for properties in predominantly Black parts of the city, like where he was looking in Mattapan. WBUR’s analysis of publicly available federal data through the Home Mortgage Disclosure Act (HMDA) found 3,501 applications for loans to purchase homes were denied in Boston between 20, amounting to 6% of all such applications. Higher Denials For Boston’s Black Communities “I don't want to go through the process again and be denied at the last minute,” he said. So, Bello has put homeownership on pause. “I just said, ‘You know, if this is the reason and there's nothing I can do, well, thank you very much, and I guess I'll just stop looking for a property right now.’” In other words, the lender would only factor in one of his streams of income, which wasn’t enough to get the loan he needed for the home in Mattapan. “It was heartbreaking.”īello said the mortgage underwriter told him he was denied because his cleaning business was a few months short of two years old, so that income wouldn’t be considered for the application. “And then I got denied at the last minute,” Bello said. And his kids were even picking out their rooms. He went through a loan pre-approval process. "The loan officer told me that I have the perfect package." Manny Bello “The loan officer told me that I have the perfect package,” Bello said. He also built up his credit score, getting it to the 800s - the highest range. And he started his own cleaning business on the side, which increased his income. He worked his way up to become a manager at a janitorial company. He spent that time saving money and preparing for homeownership. It took Bello eight years to get to this point. And I was just in love with the house.” A "for sale" sign for a house on Ballou Avenue in Mattapan. “I thought I had hit the jackpot,” said 46-year-old Bello, who identifies as Hispanic. It also had a large garage and driveway that would be perfect for the vehicles from his cleaning business. It had enough space for him, his wife and three kids, and a finished basement where he could put a home office. Last spring, he found a great single-family house in Mattapan. Manny Bello knows that disappointment well. Hispanic applicants were twice as likely to be denied a loan compared with white applicants. But for Black and Hispanic Bostonians, it is more often a dream denied.Ī new WBUR analysis of mortgage lending in Boston from 2015-2020 found lenders denied mortgages to Black applicants at three times the rate of white applicants. Owning a home is considered part of the so-called American dream. It’s2023 I recently purchased a 2010 ford escape 3.0L v 6 139000 miles no rust very clean I paid 2500 for this car even when prices are so high I have seen these cars go easily for 6000 or more I came from a 4 runner that I loved but I am quickly looking this car not as heavy a little light for my taste but ok and not nearly the hp as the 4.0 but I am getting a whopping 28.8 mpg on highway and 25mpg in town sometimes dips to 23 but quickly pics back up on highway plenty of power comfort is wonderful drivability is amazing for a13 yo car I am more than impressed I recommend this car if you can find one today at an unbeatable price to buy it knowing what I know now I would not be afraid to pay 4500 for this car for you’ve done ok with this one my wife always has the new car I am fine with buying what I call beaters but they never really are she has a 15 explorer that she loves but she has grown pretty fond of my escape and the 28 mpg is this unheard of for this v6 anyone else seeing this with their 6 cyl v6 let me know.
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