Back in June, the U.S. Supreme Court confirmed that the Civil Rights Act applies to sexual orientation. Moving forward, Americans don’t have to worry about losing their jobs for being who they are. However, the ruling didn’t address other areas of prejudice — including the discrimination LGBTQ homebuyers face in the mortgage industry.
“There are more than 35 states where it is perfectly legal for a bank or credit union officer to say, ‘We do not loan money to your kind,’” says Justin Nelson, Co-Founder and President of the National LGBT Chamber of Commerce. According to a study based on two decades of mortgage data from Iowa State Univerity’s Ivy College of Business, same-sex couples are 73% more likely to be denied a mortgage. And those who are approved are charged noticeably higher fees.
Even though there are no federal protections for LGBTQ homebuyers, there are steps you can take to fight back and continue to expose unfair lending practices… Read More