According to reports, some of the nation’s largest mortgage lenders have made changes to their lending requirements, making it harder for buyers to be approved for buying a house or refinancing a mortgage. Banks like JP Morgan Chase and Wells Fargo are now raising their borrowing standards to a minimum credit score ranging between 700-720 and requiring a 20 percent down payment. Without meeting these requirements, prospective homeowners in weaker financial positions are now being pushed to a lower priority in the housing market. Given a home being the typical American’s biggest asset, what would you suggest be changed or put into place to allow more individuals from marginalized groups the opportunity to be a home buyer?
According to reports, some of the nation’s largest mortgage lenders have made changes to their lending requirements, making it harder for buyers to be approved for buying a house or refinancing a mortgage. Banks like JP Morgan Chase and Wells Fargo are now raising their borrowing standards to a minimum credit score ranging between 700-720 and requiring a 20 percent down payment. Without meeting these requirements, prospective homeowners in weaker financial positions are now being pushed to a lower priority in the housing market. Given a home being the typical American’s biggest asset, what would you suggest be changed or put into place to allow more individuals from marginalized groups the opportunity to be a home buyer?
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