♪ THE RESULTS TOGETHER WITH ERIK VON ANCKEN. THIS IS NEWS 6 AT
5 GETTING RESULTS.
>> LISA: BLACK AMERICANS ARE
FAR MORE LIKELY TO BE DENIED
MORTGAGES. THAT’S ACCORDING TO
STUDIES FROM ZILLOW AND THE
PEW RESEARCH IT MEANS HOME
OWNERSHIP IS OUT OF REACH FOR
MANY PEOPLE. BUT A LOCAL
PASTOR FOUND A CREATIVE
SOLUTION HELPING HIS SON
ACHIEVE THE AMERICAN DREAM.
>> INVESTIGATOR LOUIS BOLDEN
IS HERE TO SHOW US HOW HE’S
GETTING RESULTS. WELL, FIRST,
LET’S LOOK AT THE NUMBERS IN
2015, THE PEW RESEARCH CENTER
USING DATA FROM THE FEDERAL
GOVERNMENT’S HOME MORTGAGE
DISCLOSURE ACT FOUND THAT
27.4% OF BLACK APPLICANTS WERE
DENIED MORTGAGES. NOW FAST
FORWARD 5 YEARS USING THAT
SAME DATA, ZILLOW FOUND THAT
16% OF BLACK APPLICANTS WERE
DENIED MORTGAGES. SOME
IMPROVEMENT. BUT A LOCAL MAN
FOUND A WAY TO CIRCUMVENT
MORTGAGE LENDERS TO HELP HIS
SON BECOME A HOMEOWNER.
>> ALL AROUND CENTRAL FLORIDA.
HERE IS NEW CONSTRUCTION. THE
KNEELING IN PAINTING. ARE THE
SOUNDS OF NEW HOMES BEING
BUILT. BUT OWNING THOSE HOMES
IS STILL OUT OF REACH FOR MANY
BLACK AMERICANS. ACCORDING TO
JEFF TUCKER, WHO IS A SENIOR
ECONOMIST, WE FOUND THAT.
>> BLACK APPLICANTS FOR
MORTGAGES GET THE NIGHT ABOUT
16% OF THE TIME, WHICH IS FAR
HIGHER THAN THE RATE OF
DENIALS FOR WHITE APPLICANTS,
WHICH IS ABOUT 9% IN FLORIDA.
THE NUMBERS ARE SLIGHTLY
HIGHER THAN THE NATIONAL
STATS. AFRICAN AMERICANS ARE
DENIED 17% SECOND TO NATIVE
AMERICANS AT 19% COMPARED TO
11% OF WHITES, ACCORDING TO
ZILLOW. BECAUSE WE KNOW THAT
THAT IT IS DIFFICULT. PASTOR
VICTOR BLAIR IS WELL AWARE OF
THE STATISTICS AND FOUND A
SOLUTION TO HIS SON HAVING TO
QUALIFY FOR A MORTGAGE. I
DON’T TAKE CREDIT FOR THAT WAS
KIMBERLY, MY WIFE’S IDEA.
HERE’S HOW IT WORKED. ABOUT 15
YEARS AGO, BLAIR AND HIS WIFE
BOUGHT A PLOT OF LAND IN
OVIEDO AS AN INVESTMENT.
>> THEY HAVE A CLOSE FRIEND
WHO WAS A CONTRACTOR. THEY
GAVE THE FRIEND ONE OF THE
LOTS AND IN EXCHANGE HE BUILT
THEM A HOUSE AT COST ON THE
OTHER LOT AND GET THIS. THERE
WAS NO CONTRACT, NO CONTRACT,
NOTHING MORE THAN A HANDSHAKE,
A GENTLEMAN’S AGREEMENT AND
THAT WORKED OUT. IT REALLY
WORKED OUT FOR BLAIR, 30
YEAR-OLD SON, ZACHARY. HIS
PARENTS GAVE HIM THIS
BRAND-NEW 3 BEDROOM, 2 BATH
HOUSE WITH A 2 CAR GARAGE.
GRANITE COUNTERTOPS, STAINLESS
STEEL APPLIANCES, ALL MORTGAGE
FREE, BUT NOT ENTIRELY YEAH,
HE’S GOING TO PAY ME HAVE MORE
ON THE MORTGAGE COMPANY.
COMPANY.
>> BUT HE DOESN’T HAVE BEEN
STRESS OBJECTIVE. WE LOOKING
AT IT AND THEN A PRETTY.
>> PRETTY AMAZING POSITION TO
SAY THE LEAST. AND I I
DEFINITELY DON’T TAKE IT FOR
GRANTED.
>> JEFF TUCKER, WITH ZILLOW,
HOME OWNERSHIP IS ABSOLUTELY
TIED UP WITH HOW MOST
AMERICANS ACTUALLY ACCUMULATE
THEIR WEALTH, WHICH IS WHY THE
NUMBERS SHOWING MINORITIES
BEING DISPROPORTIONATELY
DENIED MORTGAGES ARE
TROUBLING. TUCKER SAYS IT
PREVENTS MANY FROM
ACCUMULATING GENERATIONAL.
WELL, ALL THIS TELLS ME THAT
IF HAVE TO LOOK AT A SINGLE
AREA OF OF AMERICAN LIFE, THAT
IS DRIVING THE DISPARITIES IN
WEALTH JUST QUALITY OF LIFE
BETWEEN BLACK AND WHITE
FAMILIES. HOMEOWNERSHIP IS THE
PLACE TO LOOK IN ADDITION TO
BUILDING EQUITY, THERE ARE
SOME PERKS TO HAVING YOUR
FATHER BE YOUR LENDER. SO HE’S
A LITTLE LATE. NO LATE FEES.
FATHER BE YOUR LENDER. SO HE’S
A LITTLE LATE. NO LATE FEES. And Florida Blue’s >> WHAT? I WANT MY MONEY ON
THE FIRST IN MY CASE, YOU
KNOW. DON’T PLAYS THAT. THE
FIRST OF THE MONTH. NOW, DON’T
JUST HEAR THE STATS ABOUT
DENIAL RATES AND GET
DISCOURAGED. THERE ARE A LOT
OF FIRST-TIME BUYER COUNSELING
SERVICES OUT THERE.
>> SUMMER GOVERNMENT RUN
SUMMER NONPROFITS. THEY CAN
WALK YOU THROUGH THE PROCESS
OF IMPROVING YOUR CREDIT AND
GETTING DOWN PAYMENT
ASSISTANCE. 2 OF THE BIGGEST
REASONS FOR DENIALS. BUT YOU
GUYS. SO IT’S GOING TO BE A
CHRISTMAS FOR HE SEEMS
APPRECIATIVE BECAUSE A LOT OF
PARENTS WOULDN’T DO THAT FOR
THEIR KIDS AND THEY ALREADY
PROBABLY HAVE SOME EQUITY IN
THIS HOUSE WHEN THEY DID THIS.
DO THEY DO THAT? THEY SAY THEY
HAD IT APPRAISED IN THERE.
IT’S ALREADY MORE THAN
DOUBLED. WOW. WHAT UK
WONDERFUL MOM AND DAD.