National Mortgage News, December 13, 2022, FHFA asked to raise income limits for 3% down-payment programs
“Origination rates for white applicants were higher than that for Black applicants regardless of applicant income level,” NAREB noted in its report, which includes research from authors James Carr and Michela Zonta. (Carr is a housing finance and policy expert who has worked for the Fannie Mae Foundation, Senate Budget Committee, National Community Reinvestment Coalition, and in academia. Zonta is a senior analyst for the Center for American Policy.)
“An increase in the AMI threshold could better serve minority borrowers who have the means to meet their monthly mortgage obligations but may lack family resources or wealth to assist with a larger down payment,” said Broeksmit.
