The Home-Buying Information Gap

By Barbara Kiviat

Although mortgage interest rates have hit historic lows in recent years, many minorities are still missing out on the benefits of home ownership. High prices are partly to blame but so, apparently, is a sizable information gap, according to a survey out last week from mortgage financier Fannie Mae. Minorities are especially at risk of letting misperceptions prevent them from buying. For example, 73% of the general population know you don't have to have perfect credit to qualify for a mortgage. But only 57% of African Americans, 64% of Hispanics who speak mostly English at home and 22% of predominantly Spanish-speaking Hispanics recognized that pristine credit isn't a prerequisite. --By Barbara Kiviat