{"id":2030,"date":"2024-09-18T12:00:12","date_gmt":"2024-09-18T16:00:12","guid":{"rendered":"https:\/\/lettery-demo.bslthemes.com\/?p=1844"},"modified":"2025-05-29T12:06:45","modified_gmt":"2025-05-29T16:06:45","slug":"mortgages-for-black-and-brown-folk","status":"publish","type":"post","link":"https:\/\/blackandbrownfolk.com\/index.php\/2024\/09\/18\/mortgages-for-black-and-brown-folk\/","title":{"rendered":"Mortgages for Black and Brown Folk"},"content":{"rendered":"\n<p class=\"has-medium-font-size\"><strong>Five mortgages for Black and Brown Folk<\/strong><\/p>\n\n\n\n<p>I&#8217;m going to go way out on a limb here, disregard my professional and educational training in psychology and finance, and do the unthinkable: give a rule of thumb. This is my list of five mortgages Black and Brown Folk in the United States should know. This list is by no means inclusive\u2014I&#8217;ve dedicated a whole website to discussing all the financing options and history of mortgages for Black and Brown Folk\u2014but let&#8217;s go out on a limb and, with the caveats generally, for most people, without hearing your story, If I had to say, etc., these would be my top choices. <\/p>\n\n\n\n<h6>&#8220;Negroes and Whites don&#8217;t mix. If we brought them into this development, it would depress all of the surrounding property.&#8221; Frederick Ecker, President of Real Estate Developer Metropolitan Life on the justification for receiving government subsidies for Whites-only development. From &#8220;The Color of Law,&#8221; by Richard Rothstein.<\/h6>\n\n\n\n<p>We&#8217;ll discuss who&#8217;s eligible and why these are good choices to decrease historical wealth disparity and build home and property ownership in the Black and Brown community, but here they are.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/loan-types\/purchase-loan\/\">Veteran&#8217;s Administration<\/a> Residential Home Mortgage (<a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/loan-types\/purchase-loan\/\">VA  home loan<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/203k\/203k--df\">FHA 203(k) Residential Home Mortgage<\/a> <\/li>\n\n\n\n<li><a href=\"https:\/\/www.va.gov\/housing-assistance\/home-loans\/loan-types\/interest-rate-reduction-loan\/\">VA Interest Rate Reduction Loan Refinance<\/a> Residential Home Mortgage<\/li>\n\n\n\n<li><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/ins\/streamline\">FHA Streamline Refinance<\/a> Residential Home Mortgage<\/li>\n\n\n\n<li><a href=\"https:\/\/www.fanniemae.com\/media\/13996\/display\">Debt Service Credit Ratio Investment Property Mortgage<\/a> (opens in .pdf)<\/li>\n<\/ul>\n\n\n\n<p>If you have excellent credit, abundant financial reserves, and, if purchasing an investment property, you have an experienced team and all of the above, I didn&#8217;t mean to insult you. These five are for people who have come to me over the last thirty years and said, &#8220;Mr. Bossard, I have a few dings on my credit,&#8221; or &#8220;I need help with downpayment and closing costs,&#8221; or even, &#8220;We&#8217;ve been turned down by three lenders. Can you help us?&#8221; <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/blackandbrownFolk.com\/wp-content\/uploads\/2024\/09\/keys-moneybags-1024x683.jpg\" alt=\"\" class=\"wp-image-2265\" style=\"width:324px;height:auto\" srcset=\"http:\/\/blackandbrownFolk.com\/wp-content\/uploads\/2024\/09\/keys-moneybags-1024x683.jpg 1024w, http:\/\/blackandbrownFolk.com\/wp-content\/uploads\/2024\/09\/keys-moneybags-300x200.jpg 300w, http:\/\/blackandbrownFolk.com\/wp-content\/uploads\/2024\/09\/keys-moneybags-768x513.jpg 768w, http:\/\/blackandbrownFolk.com\/wp-content\/uploads\/2024\/09\/keys-moneybags-1536x1025.jpg 1536w, http:\/\/blackandbrownFolk.com\/wp-content\/uploads\/2024\/09\/keys-moneybags-2048x1367.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Generational wealth through real estate.<\/figcaption><\/figure>\n<\/div>\n\n\n<p>These five would be my go to. Number two, the FHA 203(k), has the added advantage of building wealth for the next generation. I&#8217;d love for young people to utilize this one. I was a 203(k) Specialist for one of the nation&#8217;s largest mortgage lenders. The stories I have of young teachers, single moms, church folk, etc. who moved into their first home with the equity, sometimes over $100,000, to buy their next home are my favorites. <\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Five mortgages for Black and Brown Folk I&#8217;m going to go way out on a limb here, disregard my professional and educational training in psychology and finance, and do the unthinkable: give a rule of thumb. This is my list of five mortgages Black and Brown Folk in the United States should know. This list [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2243,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16,20,17],"tags":[25,23,22,24,30,21,26,31,29],"class_list":["post-2030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-segregation","category-law","category-mortgages","tag-closing-costs","tag-credit","tag-de-jure-segregation","tag-downpayment","tag-fha","tag-mortgages","tag-race","tag-racial-covenants","tag-va"],"acf":[],"_links":{"self":[{"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/posts\/2030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/comments?post=2030"}],"version-history":[{"count":16,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/posts\/2030\/revisions"}],"predecessor-version":[{"id":2268,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/posts\/2030\/revisions\/2268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/media\/2243"}],"wp:attachment":[{"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/media?parent=2030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/categories?post=2030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blackandbrownfolk.com\/index.php\/wp-json\/wp\/v2\/tags?post=2030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}