Homeownership For The Poor

September 12, 2016

Check out these challenging thoughts from Self Help Credit Union founder and CEO, Martin Eakes describing his thoughts on why homeownership loans to low income families are good risks. I would concur with Martin with Habitat's experience making mortgage loans to low-income families since 1976.

At Habitat Wake, we are able to provide homeownership opportunities to families earning between 30-60% of our area's median income (AMI). Our average homebuyer has an AMI of 38%, which translates to an annual income just below $30,000 for a family of four. Given that homeownership is indicated as the main way low-income families build wealth, Habitat's work has, not only immediate, but generational impact as well as a strategy for the alleviation of poverty.

http://www.aspenideas.org/blog/poor-people-are-better-credit-risk-rich-people