US EditionBlack homebuyers are 1.7 times more likely to be denied a mortgage: study
UNITED STATES, JUL 10 – Black homebuyers are 1.7 times more likely to be denied mortgages nationwide, with credit history cited in 33% of denials, highlighting lending disparities, LendingTree reports.
- A LendingTree report revealed that, nationwide in 2024, mortgage applications from Black homebuyers were declined at a rate of 19%, making them significantly more prone to denial compared to the overall applicant pool.
- The study attributed these disparities to income gaps, lender discrimination, credit history, and debt-to-income ratios impacting loan approvals.
- Mississippi showed the highest denial gaps, with 34.2% of Black borrowers denied mortgages versus 12.5% overall, while local assistance programs aim to improve access.
- LendingTree analysts stated, “The disparities reflect long-standing challenges” and advised improving credit, reducing debt, and shopping lenders to boost approval chances.
- These results highlight ongoing obstacles that prevent Black Americans from accumulating wealth across generations by purchasing homes, despite programs designed to promote fair access.
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