The LGBTQA+ community has made significant strides in home ownership since the Fair Housing Act was passed 50 years ago. The Fair Housing Act is a law that prohibits discrimination in housing on the basis of race, color, national origin, religion, sex, familial status, and disability.Verify my mortgage eligibility (Feb 22nd, 2024)
The LGBTQA+ community is making significant strides in homeownership. One milestone came earlier this year when the Department of Housing and Urban Development (HUD) announced it would begin enforcing the Fair Housing Act to prohibit discrimination on basis sexual orientation or gender identity with regards to housing searches, mortgage lending practices and property ownership opportunities.
When it comes to real estate, the LGBTQA+ community has been met with largely positive support from many quarters. However housing discrimination remains an obstacle for same-sex couples who wish try their luck in this industry and purchase homes together. A recent study done by Iowa State University found significant differences between loan approvals rates among homosexual males versus heterosexual females: 3-8% lower approval rating on average. Furthermore we’re talking about upwards of 86 million dollars lost annually.
How to Recognize Housing Discrimination Awareness is key. These are some signals of discrimination to watch out for:
A lender who isn't upfront about their mortgage rates
A real estate agent who refuses to work with you
A seller who quickly claims their home is off the market
If you and your partner have to work twice as hard to get financing compared to heterosexual couples
If you are turned away from rental properties when there is a vacancy available
If you encounter any of these signals, it is important to document what happened and report it to the appropriate authorities. Discrimination against same sex couples is illegal under the Fair Housing Act, and you have the right to seek legal recourse if you are affected.
How to Protect Yourself Against Housing Discrimination
It is important that the real estate agent and mortgage lender that you choose will not discriminate against your LGBTQ identity. You can find helpful information on NAGLREP website where they list which agents work with same-sex couples as well as those who accept credit scores below 600!
Make sure these people have been recommended by friends or family before entrusting them with such sensitive details of life and finances during this crucial time in one’s career path – just like any other professional decision we make every day without thinking twice about.Verify my mortgage eligibility (Feb 22nd, 2024)
What to Do If You Experience Housing Discrimination?
If you experience housing discrimination, you should contact the U.S. Department of Housing and Urban Development (HUD). HUD can help you file a complaint and investigate your case. You can also contact a local fair housing organization for assistance.
The LGBTQA+ community is making significant strides in the financial world while also continuing to face discrimination. Pride Month provides an opportunity for us all, including providers of services who work with LGBTQ+ people on a daily basis-to take pride that there is more acceptance than ever before when it comes down our sexual orientation/gender identity. Together we stand and together we celebrate.Show me today's rates (Feb 22nd, 2024)