Everyone deserves a chance to own a home and your right to that loan is solely based on how responsible you are and NOT on the color of your skin, your age, sex, religion or the like!

There are more than 247 different ethnic groups and languages in the United States of America. The law insured that we all get the same fair treatment and are judged by the same fair standards when seeking home financing or other forms of credit. Know these two important fair lending laws and know your rights!

1.Equal Credit Opportunity Act 1974

This law is enforced by the Federal Reserve and the FTC. The sole purpose of this regulation is to provide the “availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status or age.” -Abacus MTE

After studies done in the early 1990’s there was evidence that race was a factor for some lenders. Federal agencies collectively released and signed what is known as the “Inter-agency Policy Statement on Discrimination in Lending”. This landmark policy states…

“Discrimination in lending on the basis of race or other prohibited factors is destructive, morally repugnant and unlawful. It prevents those who are discriminated against from enjoying the benefits of access to credit. the agencies will not tolerate lending discrimination in any form. Further, fair lending is not inconsistent with safe and sound operations.”

This statement applies to all lenders, mortgage brokers, and issuers of credit cards or any other types of credit.

2. Fair Housing Act 1968

The Fair Housing Act is enforced by HUD. This act prevents discrimination in any form for all residential real estate transactions of any kind. For example, if you need a loan to buy, build, or repair your home. Or is you wish to purchase a home. If you wish to sell, broker, or appraise residential real estate. Or even sell or rent a dwelling. Violations of this act can carry a 10,000 dollar penalty per violation or even up to one year in jail.

By knowing your rights you can insure yourself fair treatment when seeking credit, home loans, and the like. We all have a right to be judged by the same standards. If your credit is good and you work hard you deserve to own your own home.

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