Daily News | Shrinking availability of ‘small-dollar’ mortgages hurts low-income home buyers
Researchers examined federal mortgage data to examine the small-dollar mortgage landscape in the region.The majority of borrowers who receive small-dollar mortgages in Pennsylvania — 75% — and New Jersey — 81% — have low or moderate incomes. These borrowers had median incomes of $42,000 in Pennsylvania and $47,000 in New Jersey.
Between 2019 and 2021, the number of small-dollar mortgages dropped by 28% in Pennsylvania and 43% in New Jersey, according to the Philadelphia Fed. In 2021, 8% of purchase mortgages in Pennsylvania — about 12,000 loans — and 1% of purchase loans in New Jersey — about 1,400 loans — were $100,000 or less.over the last few years, spurred by high housing demand and low supply. Small-dollar loans don’t go as far as they used to..
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