Want to buy a home? Your to-do list is long — and pricey. Secure a job that pays enough. Build good credit. Line up a down payment. And then, of course, find a house or condo that’s actually in your budget.
But for many homebuyers, financial decisions from years ago add one more barrier during that process: debt.
Too much debt can prevent a prospective homebuyer from getting a mortgage. And in America, that problem doesn’t affect everyone equally.
Black homebuyers are more likely to be denied mortgages than white buyers are, a LendingTree analysis found. Among the factors: Nationwide, Black and Hispanic families have more debt relative to their income and assets than white families do, according to the Employee Benefit Research Institute.
Read more on Habitat SKKC’s new effort to pay off up to $50,000 in debt for qualifying homebuyers who plan to buy a Habitat home in The Seattle Times.