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Started By
Message
re: Buying a home is easier if you're white
Posted on 2/9/15 at 7:02 am to Will Cover
Posted on 2/9/15 at 7:02 am to Will Cover
Yeah my mom has a great score but hasn't had a job in 40 years 
1
Posted on 2/9/15 at 7:02 am to yellowfin
quote:
Lenders will obviously want to know your income but it doesn't affect your score.
I guess I always lumped them together because I didn't really worry about a score unless we were buying a house. Always hear the debt v. income conversation.
Posted on 2/9/15 at 7:05 am to Will Cover
If only someone would come in and gurantee the loan to ppl with bad credt so they can build wealth in their homes. What could possibly go wrong? (sarcasm)
Posted on 2/9/15 at 7:05 am to yellowfin
Once a person is above 740 + FICO score, there really is no added benefit to having such a high credit score.
Posted on 2/9/15 at 7:05 am to fightin tigers
Lots of factors. Your score is actually better if you have a mortgage. Different types of loans help, low balance vs limit ratios, few inquiries. Inquiries eat 5 points each and stay for two years. Don't apply for something unless you REALLY need/want it.
Posted on 2/9/15 at 7:06 am to Placebeaux
quote:
Try being white and competing with DBEs then come talk too me.
My brother is an architect in the city. The stories he tells me about the DBE insanity is literally unimaginable. It's the most ludicrous thing I've ever heard of
Posted on 2/9/15 at 7:11 am to Will Cover
Which is why the Obama Administration and the Dems are DOUBLING DOWN ON STUPID .... AGAIN.
Them and their Komrades in the press will find a way to blame the resulting sh!t storm on Republicans again -- so why should they care?
Them and their Komrades in the press will find a way to blame the resulting sh!t storm on Republicans again -- so why should they care?
Posted on 2/9/15 at 7:12 am to The Mick
quote:
Your score is actually better if you have a mortgage
I can only relay my experience. Mine has increased significantly since we have removed the mortgage. Forgot the exact numbers, but I think it went from 730's to 810's. There was one other small debt paid off as well.
Posted on 2/9/15 at 7:12 am to fightin tigers
quote:
Not sure, but I don't think I was asked if I was white on my home loan application.
Unless the form has changed the last information you can put in before you sign is your racial makeup. It's not required data though.
Posted on 2/9/15 at 7:15 am to Hammond Tiger Fan
quote:
As long as you have a job and pay your bills on time, you shouldn't have a problem getting loans.
Posted on 2/9/15 at 7:25 am to Kankles
quote:
Steady income, reasonable debt ratio, and responsible credit history. Are those requirements racist?
check
your
privilege
Posted on 2/9/15 at 7:30 am to GEAUXT
I worked for a company that bailed a DBE out on a job. His bid (which we found out upon his refusal to pay the invoice after we completed the work) - didn't even cover material. He had no idea what the frick he was doing. And he hauled arse to Atlanta to skip town to avoid paying us. That is what a DBE will give you.
Posted on 2/9/15 at 7:38 am to Will Cover
Posted on 2/9/15 at 7:41 am to fightin tigers
quote:
Not sure, but I don't think I was asked if I was white on my home loan application.
Just went through the home buying process in December. Surprisingly, I was asked what my race was by several different lenders (over the phone). I wasn't required to answer, but the question was asked. I thought it was very strange. Doesn't affect me as a white, middle class male, but I sure as hell wouldn't want to be the person having to ask the question. I know it's just to keep track of demographics, but you have to think you are going to make some people pissy by asking.
Posted on 2/9/15 at 7:46 am to Will Cover
maybe i should try this whole white thing out
Posted on 2/9/15 at 7:51 am to Will Cover
Welcome to the 20th century, CNN.
Posted on 2/9/15 at 7:52 am to Will Cover
This is a good example of the sort of statistic that looks important but is meaningless. A high percentage of whites tend to live by that old pay your bills, get a job, save a little money. The lender doesn't give a damn if you are black or white, only that you can pay.
I'd be willing to bet that most of the approved applicants were actually while males. Both racist and sexist I guess.
I'd be willing to bet that most of the approved applicants were actually while males. Both racist and sexist I guess.
Posted on 2/9/15 at 7:53 am to Patrick_Bateman
Dave Ramsey's credit score is ZERO
Seriously.
He doesn't use credit.
Seriously.
He doesn't use credit.
Posted on 2/9/15 at 7:53 am to Will Cover
100% utter and complete crap.. White people do not have many federal bank regulations out the wazoo in place to make sure that they are not disproportionately denied that causes more approvals than there should be. If anyone has a leg up its minorities in a very big way.
Posted on 2/9/15 at 7:54 am to dinosaur
If only it were easier for people with no/bad credit to get housing loans. It's not like anything bad would happen.
It's almost as if 2008 never existed
It's almost as if 2008 never existed
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