When Are You Too Old Or Young For A Mortgage?

By ERIN FLYNN JAY Age matters when it comes to making important financial decisions, but when is someone too old or young to obtain a mortgage? Millennials make up 38% of the home-buying market, but Baby Boomers make up 31%, and Generation Z is starting to show interest in homeownership at 3% of buyers, according to the National Association of Realtors. The Mortgage Note reached out to Neil Anders, host of the Emmy-nominated television program “Financing the American Dream” on CNBC and Bloomberg, and Andy Kolodgie, owner of Sell My House Fast to get their perspectives. Typically, individuals must be at least 18 years old to enter a legally binding contract, including a mortgage agreement. But Anders said being of…

Legislation To Ban Hedge Funds From Owning Homes Finds Support

By ERIN FLYNN JAY A bicameral bill that would force hedge funds out of the single-family home market is supported by some industry leaders. Last month, U.S. Sen. Jeff Merkley (D-OR) and U.S. Rep. Adam Smith (D-WA) introduced the End Hedge Fund Control of American Homes Act of 2023. If passed, it would force hedge funds to sell at least 10% of the total number of single-family homes they currently own to homebuyers every year for a 10-year period. After a 10-year full phase-out, all hedge funds will be completely banned from owning any single-family homes. In a YouTube video, Merkley said rents are sky-high and families can’t afford to buy a home in their chosen community. “Hedge funds and…

Opportunity Zones: The Pros And Cons For Housing

By ERIN FLYNN JAY In some urban centers like New York City, Los Angeles, and Miami, Opportunity Zones have led to substantial investments including the revitalization of neighborhoods. These zones attracted developers and investors due to the tax benefits, resulting in new housing developments, commercial spaces, and infrastructure improvements. However, concerns have arisen about the displacement of existing residents and whether the benefits truly reach the communities that need them most. And while these zones have found success in urban settings, many rural regions have struggled to attract significant investment. Limited infrastructure, a smaller workforce, and higher perceived risks have made it challenging to draw investors to rural areas. That hurts the low-income neighborhoods Opportunity Zones are meant to strengthen.…