Banks are bailing on small mortgages, driving buyers to risky alternatives ...Middle East

American banks are losing interest, consumer advocates say, in writing mortgages for inexpensive homes. Their exodus from the small-mortgage market leaves a patchwork of risky, poorly regulated home-loan alternatives that can propel the most vulnerable buyers into debt or homelessness. Twenty years ago, the median home cost less than $200,000, and banks routinely approved mortgages for half that amount. Today, the median home costs $437,000, and buyers struggle to find banks that will write mortgages for less than $150,000. Instead, many buyers turn to alternative financing, a universe of personal property loans, lease-purchase agreements, land contracts and seller-financed mo

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Last updated : 13 July 2023 clock 01:13 PM

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Banks are bailing on small mortgages, driving buyers to risky alternatives ...Middle East

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