Why is it harder for me as a citizen to get a home loan, but the hispanics and latinos have a ton of programs?

Question

My husband and I work very hard, saved a nice bit of money down for a home and now we get the run around, and each and every time we get asked the same question. Are you hispanic or latino? No we are not, we have a family that lives next door to us that has 21 people in a 4 bedroom home. that is insane, but they got their loan with no problem. We have good credit and pay all our bills on time, send 2 kids thru school and mind our own. Let me also point out that I live in AZ. When I first moved here I went to the DMV, I am a pale redhead with green eyes and they wanted me to prove that I was born here, I told the lady behind the desk that I was the whitest most english speaking person in here and you want me to prove that I was born here? I was pushed thru with no more questions. When we went for our home loan we were asked if we are any part hispanic or latino, when we said no, the gal told us "thats too bad, we have a ton of programs for hispanic and latino familys " I was floored.

Answer 1

Thank you for asking this question. I believe that it can be very beneficial to have open-minded discussions about real subjects like this one. I also believe by communicating with others in our community this way, we can begin to learn more about others and ourselves - making our society healthier and stronger.

Melanie, most of us have been in at least one situation where we had to show a birth certificate or something similar at the DMV.

Are you telling us that with good credit history, provable income, and a down payment, you were having some sort of difficulty obtaining a home loan? Remember that there are many hundreds of mortgage lenders in this country; and each is, in theory, competing for your business.

Was the "run-around" you were given simply the fact that you were asked about being Hispanic or not?

Would you prefer to have gotten an easier home loan from one of their "tons of programs" because of your ethnic background as opposed to the hard work and responsible history your family has generated? Would you rather be owed something by society based on a factor such as ethnicity that you did not choose for yourself?

Also, the following comments are in response to some of the answerers who responded to your question before me...

Doigpatch, I'm not sensing right-wing rhetoric here. She might not have studied the politics of the subject just yet, is new to the southwest, and got fed up with the perceived bureaucratic selective a**-kissing, and the increase of exposure to the cultural differences she might not have experienced in her family's previous neighborhood.

AmandaH, Word up! I am almost tempted to vote your answer #1 instead of mine :)

Sophia, you are probably right on.

Once we stop looking around for, and complaining about conditions in our communities not being "fair," I have found that some realities start to become clearer:

This country is set up so that any of us that wants to do anything, can, as long as it is not against our laws.
We also have the ability to get together and change our laws wherever enough of us agree that change is necessary.

From what I have learned so far Akasanoma, the concept that you elude to that says that a creditworthy individual will still have a difficult time obtaining a loan because they are not white appears, in 2007, to be nothing more than fiction. It simply does not make business sense to have a policy of turning away revenue-generating customers! The stockholders of the lending institutions would never approve of that practice, and, if it continued, the companies could not survive. Please tell me more about this problem that you see because it is a subject that I am studying quite alot lately. If you have found real contemporary evidence to support your claims, that does not come from some sort of special-interest group, I would love to hear more! I also respectfully ask you how, with that frame of reference you've adopted, you might expect to live your life to your fullest potential?

Ebabybrown, in your answer, are you seriously suggesting that we "report" other Yahoo! Answers users just for writing something that disagrees with our opinion? Also, if you feel that you work hard all of your life in this country, and everyone else benefits but you, then why don't you change that?

Obviously, there are people who are succeeding, enjoying the rewards of their actions, not complaining, etc. What are they doing differently than you are?
My suggestion is to decide anything and everything you want your life to be, research the successes and mistakes of others who have gone before you, educate yourself on what works and what does not, design your life, then go create it.

This is a free country! We are as free as we allow ourselves to be. We are free to contribute nothing and live off of the tax money paid by hard-working people, and we are free to contribute in giant ways and create value for others, build organizations and businesses, and reap the rewards that come along the journey.
Just as an example, in this country, we are taxed heavily (up to 40% or more of our income) as W2 employees, but greatly rewarded for making our community better by building businesses that create jobs, and/or places for people to live. If you play by the rules of law in our nation, and educate yourself, you can create unlimited income for your family, and always be a part of the solutions to improving your community.

Please change your state of mind, realize that what you focus on throughout your day actually becomes real in your life, stop complaining, stop blaming others, stop taking advice from, and hanging around with people that are unempowered themselves, and go create everything you want!

It is a decision that belongs to each of us.

Either play the game, change the game, or create your own game, but please don't complain!

Email feedback is encouraged.

Thanks for reading.

Answer 2

Since about 1998 banks have quit discriminating. Thus anyone who can qualify can get a home loan. The family that lives next door to you probably has many people who are on the loan, in other words, maybe the grandparents and two sets of siblings. Thus they were able to qualify. On some subprime loans and on FHA, you can have as many people as you want listed on the loan in order to use their incomes to qualify for covering the payment.

First generation Hispanics (and most immigrants) usually have traditional values and keep their families closer together. Most Americans on the other hand, tend to move away from their extended families, thus the breakdown of the traditional family unit. sometimes this can backfire, as with starting a business - when you have the family all there you dont have to hire outsiders (see the Chinese on this one).

But rest assured that if you qualify for a home loan, then sure enough someone will give you a loan. The bigger question is why would you want to buy right now when everybody knows that housing prices are crashng (I also live in AZ) and if you haven't noticed that, then you aren't reading and paying attention. Do some major investigation before buying. Remember it is the largest investment you will make in your lifetime, so you should be spending a few months learning your local market and where prices are heading, before you even think about buying.

Good luck.

Answer 3

You're lucky you are not black. Don't worry you'll get you loan sooner than the black family next door, if there is a black family next door.
Who has these programs for Latinos? Perhaps Latinos are more likely to pay their loan back and live within their means. Lenders will lend to anyone if they think they will make a buck. Obviously they think African Americans are least loan-worthy based on their redlining practices. It is obvious also that non-rich whites are not deemed as loan worthy as other whites. If you are qualified for loans and you're not getting them you may have leagal recourse.
Lucky you're in Az where the old inhabitansts think it should be a white only state but are being plowed under by the derelict Californians with their money and those Mexicans. If you don't get the loan be glad you can have lots of friends for the asking just by telling them your story. I'd try the Arizona legislature. They know how to take care of white fiolks.

Answer 4

Because as a citizen, you utilize all the 'tried and true' ways of getting a loan, you have not been taught survival tactics because you are a citizen ergo, all that America has is yours! But the Hispanics realize that nothing is theirs by right, and so they go our of thier way to promote and defend policies and programs that will help other Hispanics and Latinos. As a proud American, you still don't realize that not everything don in America is done perfectly. And you refuse to adopt the practices of people who have more experience in surviving than you do. Then, you blame bad policy on immigrants. For example, in Florida, to get a decent job you now have to be bilingual. Hispanic pressure, lazy American voters who are not looking ahead. That is a bad policy for Americans, AND for the immigrant who needs to be assimilated into the culture but you allowed it to happen. Survival of the fittest, baby!

Answer 5

So you are basing this question on the fact hat you live next door to a family that is Latino and got loan? Are you sure that you are right? Maybe because there are 24 people there, who will be able to back up the payment because they are all working their asses off, is why they got the loan...But I 'm only speculating

Answer 6

I,m sorry to hear that you should be able to get you loan, there got to be someone loan you the money, don,t give up

Answer 7

Its not just the Latinos who seem to get help, In California you can include Russians and Chinese and Vietnamese.

Answer 8

That is how it is anymore you work hard all of your life and everybody gets it all but you and that is sad, and just to think are taxes pay for crap like that. are Americans are starving and people don't have no homes are anything. blame it on bush, he lets this happen. oh ps.. some people may give you s*** about you question, they did mine. but if they do just report them

Answer 9

Well this is just my opinion when people from other countries come to the United States it is always easier for them to get assistance. Why? I have no idea. That is just how this country is set up. But I know what you mean........

Answer 10

I so agree with you!! I have yet to experience anything to that nature, but I know that I am unable to get any credit because of my ex-husband screwing me up and yet the Bank of America is willing to open new accounts for the ILLEGAL ALIENS... What part of Illegal is not understood here! :( :(