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Every year in Milwaukee County, 400 families of color are denied mortgages because of credit history or debt to income (DTI) between 40-60%. This is true even though many of these families have strong rental history and their DTI would improve if they bought a home.
Source: 2022 Home Mortgage Disclosure Act (HMDA) data
A mortgage product needs to be developed that is based off of rental history and the DTI adjusted based on monthly savings.
PITI= Principal, Interest, Taxes and Insurance
So, we are supporting Acts Lending in their development of Empowerment Through Homeownership Mortgages. For more details, contact us at info@housingplan.org
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