fbpx

Fairness Act Protects Against Home Loan Denials

mortgage loans is an important factor
It can be difficult to determine if a creditor is turning down your loan application, charging you more for a loan.

The Fair Housing Act (FHA) protects people from discrimination when they engage in housing-related activities. This applies to all aspects of residential real estate transactions, including loans to buy, build, repair or renovate homes.

This law makes it illegal to discriminate on the basis of race, color, religion, sex, national/national origin, disability, or family status or situation; (Family status or situation refers to the composition of your family, including whether your family group is made up of children under 18 years of age or pregnant women).

Fair and equitable access to credit and mortgage loans is an important factor in enabling people to accumulate wealth and become homeowners. There are two federal laws that can protect you from discrimination when you apply for a mortgage: the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA).

It can be difficult to determine whether a credit grantor is denying your loan application, charging you more for a loan, or offering less favorable terms based on unlawful discrimination, or because your loan application has some weaknesses.

In each of these cases, you must request that the grantor detail in detail the reasons for the refusal.

All those who participate in the decision process of granting a loan or establishing its terms and conditions, including real estate agents who process the financing, must comply with the provisions of the Equal Credit Opportunity Law (ECOA) .

But you can consider your immigration status to assess whether you have a right to remain in the country for a sufficient period of time to repay the debt.

Today we provide you with the following report so that you can take the best measures and economic decisions.

If you want to schedule an appointment with us to clarify any concerns about this and other financial issues of general interest and guidance, as in this topic, you can do so through the following link, in this way, our specialists in charge of Jessica Aliga Froelke will be contacting you.

Likewise, we invite you to follow us on our social networks: FacebookYouTubeLinkendInTwitterTiktokPodcast and Instagram, so that you do not miss any valuable information that we constantly and freely provide.