Rural South

For borrowers in the rural South, getting a mortgage is tricky. A new analysis from the Consumer Finance Protection Bureau found that consumers in hard-to-reach areas of the South have a tough time accessing credit. Southern rural consumers apply for mortgages at the same rate as consumers nationwide – 19 applications per 1,000 residents – but are more likely to be denied, with 27% of their applications shot down compared to 11% nationally. They also pay higher rates than borrowers in other regions, averaging 3.51% in 2021 compared to 3.12% nationally.  The rural South does have high levels of poverty, which can translate to poor credit scores. Almost half of the country’s persistent poverty counties – where 20% of the…