Real Estate

How the lack of small-dollar mortgages hurts homeownership in the U.S.


High home prices aren’t the only reason behind dwindling homeownership in the U.S. Banks and financial institutions aren’t issuing enough small-dollar mortgages that help families with modest incomes to purchase a property.

“It is particularly hard for people who are buying smaller houses with smaller mortgages to find a lender and to get that mortgage,” said Mike Calhoun, president of the Center for Responsible Lending. “And they also surprisingly are more expensive.”

More than a quarter of home sales nationwide are for houses priced below $100,000. Yet, just  23.2% are purchased using a mortgage compared with 73.5% of homes priced at or above $100,000, according to the Urban…


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