Study Finds African Americans See Higher Mortgage Approval Rate, But It’s Still Less Than Whites

All around Central Florida, there is construction on new homes.

But owning those homes is still out of reach for many Black Americans, according to Jeff Tucker who is a senior economist for Zillow.

“We found that Black applicants for mortgages get denied about 16% of the time, which is far higher than the rate of denial for white applicants, which is about 9%,” Tucker said.

Zillow used data from the government’s Home Mortgage Disclosure Act.

In Florida, the numbers are slightly higher than the national stats, according to Zillow —17% of Blacks are denied, second to Native Americans at 19%, compared to 11% of whites.

Pew Research Center used the same data in 2015 and found Blacks were denied 27% of the time — so there has been an improvement.

Pastor Victor Blair is well aware of the statistics and found a solution to his son having to qualify for a mortgage.

Click here to read more.

SOURCE: Click Orlando, Louis Bolden