Despite typically having higher income levels and lower mortgage denial rates, Asian and Pacific Islander households are denied mortgages due to a debt-to-income ratio considered to be too high
SALT LAKE CITY — According to a report from Zillow, despite typically having higher income levels and lower mortgage denial rates, Asian and Pacific Islander households are typically denied mortgages due to a debt-to-income ratio considered to be too high.
However, Asian families applying for mortgages don't face the same issues accessing credit like Black and Hispanic families, but Pacific Islander applicants do — almost a quarter of their mortgage denials are based on credit history. "Asian and Pacific Islander families tend to live in some of the most expensive housing markets in the country, places like San Jose or San Francisco; large, west coast metros that face significant housing shortages,” says Orphe Divounguy, a senior economist with Zillow. “Because of that, these families tend to stretch their budgets to achieve and maintain home ownership. That’s why they face significant barriers to keep that home, even if they manage to get on the housing ladder.
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