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I’ve been contemplating buying a home and wanted to get some firmer numbers. So, I call @Chase for a prequalification. The rep asks me how much I’m wanting to put down. I say no more than 10% bc I won’t want to drain my savings.
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He pauses and process to tell me about @Chase “temporary policy” that requires folx seeking a mortgage to have:
- 700+ credit score
- Less than 40% debt to income ratio
- 20%+ down payment
My response, “so basically wealthy white folx”
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- 700+ credit score
- Less than 40% debt to income ratio
- 20%+ down payment
My response, “so basically wealthy white folx”
2/
I’m blessed enough to have all three of those, but I refused to go further because I instantly recognized the disparate impact of this policy on low-mid income families, esp black and brown folx. People who can’t readily drain their entire savings to help a bank feel better.
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This isn’t to say black and brown folx don’t fit into this criteria, but that we will be disproportionately affected by the policy due to the fact that many of us are still experiencing some level of economic oppression. Look at COVID patients as an example.
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Black folx are being diagnosed at much higher rates due to the fact that there are vastly more of us in service industries or are essential workers in some form. Many of these industries have lower paying jobs—saving 20% for a house is damn near impossible.
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@Chase is protecting itself and it’s assets, and in doing so removing opportunities for people to purchase homes. It’s just business, sure. But what’s the impact of even a “temporary policy” on folx who may want to take advantage of lower home prices?
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@Chase is shutting out people who can now leverage the market to purchase a home and, with it, further economic opportunity.
Any who argues it’s about financial literacy. It’s not, it’s the perpetuation of economic inequities.
/end
Any who argues it’s about financial literacy. It’s not, it’s the perpetuation of economic inequities.
/end
