SHOWS IN THIS MATTER:
Pressing Challenges in Housing Finance: Credit Access and Seniors’ Mortgage Financial Obligation
- Even while the housing marketplace recovers, loan providers are implementing overly strict credit requirements that exclude creditworthy borrowers, especially people in usually underserved populations.
- On top of that, a better percentage of older homeowners carry home loan financial obligation, potentially impacting their monetary security and wellness because they age.
- New credit scoring models, new items and policies that target creditworthy low-income borrowers, handbook underwriting, and efforts to allay loan providers’ concerns could expand credit access sustainably.