Across the nation, home prices have shot up to unheard-of heights even during the pandemic—because there are still people hunting for homes (preferably with their own yard and space for an office and home-schooling), but not enough inventory available.
Yet there are pockets of the country where the real estate market is still struggling. Oddly enough, these are places where folks can become homeowners for under $100,000— and spend less each month on homeownership than they do on rent. There is just one big problem: Even buyers who can qualify for a mortgage, often can’t get one.
That’s because it’s typically not profitable for lenders to do small-dollar mortgages, as loans at $100,000 or less are called. And the onset of the COVID-19 pandemic may have made things worse, as lenders are even more focused on larger, more lucrative mortgages. The upshot is that would-be…
