![]() You’re too young to sign contracts, which generally means under 18.But they may consider your immigration status and whether you have the right to stay in the country long enough to repay the debt.But they may ask you to voluntarily disclose this information because it helps federal agencies enforce anti-discrimination laws.must not consider your race, sex, sexual orientation, or gender identity.must not consider the racial composition of the neighborhood where you want to buy, refinance, or improve a house with money you’re borrowing.must not deny you credit, like a mortgage, set the terms of your mortgage, or impose different terms or conditions on your mortgage - like a higher interest rate or larger down payment (based on any of these factors).must not give you different terms or conditions like a higher interest rate or higher fees (based on any of these factors).whether you’ve acted on your rights under the federal credit laws.whether your income comes from public assistance or.must not discourage you from applying or reject your application for a mortgage based on these factors:.With respect to mortgage loans, during the application process or when making a credit decision, a creditor (Familial status refers to the makeup of your family, including whether your household includes children under the age of 18 or pregnant women).īelow are some examples of what is (and what is not) illegal mortgage discrimination under the ECOA and/or FHA. This law makes it illegal to discriminate based on race, color, religion, sex, national origin, disability, or familial status. This applies to all aspects of residential real-estate transactions including making loans to buy, build, repair, or improve homes. The FHA protects people from discrimination when they’re engaging in housing-related activities. Everyone who participates in the decision to grant credit, or in setting the terms of that credit, must comply with ECOA’s prohibition against discrimination, including real estate brokers who arrange mortgage financing. The law makes it illegal for creditors to discriminate based on race, color, religion, national origin, sex, marital status, age, or because all (or part) of a person’s income comes from public assistance or because the applicant has in good faith exercised a right under the Consumer Credit Protection Act. That includes banks, small loan and finance companies, mortgage companies, retail and department stores, credit card companies, and credit unions. The ECOA applies broadly to any organizations or people who regularly extend credit. You don’t have to supply the information. And, creditors may ask you to volunteer certain information that might seem discriminatory - for example, race, ethnicity, age, sex, and marital status (married, unmarried, or separated) - because it helps the government keep statistics that fight discrimination. This is even more challenging because creditors often must ask you for (and evaluate) personal information - like your income, expenses, debts, and credit history. It can be difficult to know if a creditor is rejecting your loan application, charging you more for a loan, or offering you less-favorable terms based on illegal discrimination - or if it’s because of some weaknesses in your loan application. ![]() Two federal laws can protect you against discrimination when you apply for a mortgage: the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA). Identity Theft and Online Security Show/hide Identity Theft and Online Security menu itemsįair and equal access to credit and mortgage loans is an important way for people to build wealth and become home owners.Unwanted Calls, Emails, and Texts Show/hide Unwanted Calls, Emails, and Texts menu items.Money-Making Opportunities and Investments.Jobs and Making Money Show/hide Jobs and Making Money menu items.Credit, Loans, and Debt Show/hide Credit, Loans, and Debt menu items.Shopping and Donating Show/hide Shopping and Donating menu items.
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