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Know your rights Next >>
As a consumer, you are protected by various laws that make it more safer for you to buy a home. These law include:
- Fair Housing Law: This law states that, equal opportunities to rental housing and homeownership opportunities is the cornerstone of this nation's federal housing policy. Landlords who refuse to rent or sell homes to people based on color, race, national origin, religion, sex, familial status or disability are violating federal law, and HUD will vigorously purse them.
- Real Estate Settlement Procedure Act (RESPA): RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.
- Borrower's Rights: This may be the largest and most important loan you get during your lifetime. You should be aware of certain rights before you enter into any loan agreement. Read your rights here
- Predatory Lending: Over the last several years, our nation has made enormous progress in expanding access to capital for previously under served borrowers. Despite this progress, however, too many families are suffering today because of a growing incidence of abusive practices in a segment of the mortgage lending market. Predatory mortgage lending practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that are beginning to enjoy the fruits of our nation’s economic success.
If you believe you have been a victim of predatory lending practices there are Federal agencies that can help. |
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