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January 9, 2023

The housing market is constantly evolving, and with it, so are the demographics of homebuyers. In recent years, we have seen a growing market of individuals and groups who may not fit the traditional mold of a homebuyer. Here are some of the key segments of the market that are on the rise:


  • Self-Employed and Small Business Owners: With the rise of the gig economy and the ability to work remotely, more and more people are choosing to be their own boss. This has led to an increase in self-employed and small business owners looking to purchase a home.


  • Volatile or Irregular Employment: The job market can be unpredictable, and many individuals may find themselves in a position where their employment is volatile or irregular. This can make it difficult for them to qualify for a traditional mortgage, but there are now programs and options available to help them become homeowners.



  • Retired Individuals: As the population ages, more and more retirees are choosing to purchase a home. This can be for a variety of reasons, such as wanting to downsize or wanting to move to a new area.


  • Seasonal and Gig Workers: Many people today have jobs that are not permanent or full-time. This includes individuals who work seasonally or those who work in the gig economy. These types of workers may have a harder time qualifying for a traditional mortgage, but there are programs available to help them become homeowners.


  • Real Estate Investors: The real estate market has always been a popular investment option, and this trend is continuing to grow. With the rise of online platforms, it is easier than ever for individuals to invest in real estate, whether it be through buying a rental property or flipping a house.


  • Owners and Employees of Cash Businesses: Many small business owners and employees of cash businesses may find it difficult to qualify for a traditional mortgage because they may not have a traditional income or credit history. However, there are programs and options available to help these individuals become homeowners.


  • Individuals Going Through a Change in Industry or Type of Employment: With the rapidly changing job market, many people may find themselves in a position where they need to transition to a new industry or type of employment. This can make it difficult for them to qualify for a traditional mortgage, but there are programs and options available to help them become homeowners.


  • Individuals Going Through Recent Health, Family, or Other Life Events: Life can be unpredictable, and many people may find themselves going through a major life change, such as a health issue or family crisis. This can make it difficult for them to qualify for a traditional mortgage, but there are programs and options available to help them become homeowners.


  • Individuals Looking to Unlock Trapped Home Equity: With the rise in home values, many homeowners may find themselves in a position where they have built up a significant amount of equity in their home. They may be looking to unlock this equity for a variety of reasons, such as paying for home renovations or consolidating debt.


  • Recent Immigrants: Many recent immigrants may find it difficult to qualify for a traditional mortgage because they may not have a credit history or they may not be fluent in English. However, there are programs and options available to help these individuals become homeowners.


In conclusion, the home buying market is constantly evolving and becoming more diverse. With more and more individuals and groups of people looking to become homeowners, the market is becoming increasingly inclusive. With the right information and guidance, anyone can become a homeowner, regardless of their background or circumstances.



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By Didier Malagies January 22, 2025
A dedicated aging in place (AIP) program offered by the Oswego County Habitat for Humanity (OCHFH) in New York says it is seeing success by incorporating family, community and local resources to ensure older homeowners can remain where they prefer. “It’s been projected that, over the next 20 years, households led by individuals in their 80s will become the fastest growing age group , which provides stability within their communities,” said Samuel Raponi, OCHFH executive director. Through the organization’s AIP program, Habitat collaborates with families, local organizations and other community members in an effort to provide homes that prioritize living for older adults, he said. “This ultimately enhances their quality of life. We employ two different assessments in each case to ensure that the homeowners’ needs are clearly understood,” he added. An initial assessment of the client’s living situation aims to assess each person’s daily living activities, which are scrutinized by a “health or human services professional,” the organization said. This includes how they manage regular tasks like cleaning, shopping, paying bills or interacting with their community. A second evaluation specifically assesses home repair needs, and how to make a dwelling more livable for the needs of an older person. “These assessments enable OCHFH to provide modifications to their homes tailored to each homeowner’s specific lifestyle,” Raponi added. “Among the kinds of modifications we make are installing lever door handles, ramps, railings, grab bars, walk-in showers with a low threshold, and raised toilets to make homes more accessible for older adults.” Other resources, including Meals on Wheels , may be seen as necessary to deploy depending on a person’s circumstances, and all combine into a living situation that is aimed at being more generally beneficial for someone seeking to age in their own home. AIP is actively seeking more collaborative partners in the health care sector, owing to unique challenges visited upon older people who may not be able to adequately address their health needs. “Low-income older adults face a higher risk of chronic diseases and disabilities due to limited access to primary care and a greater likelihood of living in substandard, deteriorating housing,” Raponi added. A recent study from Carewell suggested that many older adults see aging in place as a financial necessity considering the costs of other kinds of living arrangements older people may choose. Nearly half of respondents (47%) characterized aging in place as both a preference and a financial necessity in tandem. 
By Didier Malagies January 20, 2025
1. Assess Your Financial Health Credit Score: Check your credit score (usually 620 or higher is required, though higher scores get better rates). Debt-to-Income Ratio (DTI): Calculate your monthly debt payments compared to your gross monthly income (lenders typically prefer a DTI below 43%). Savings: Ensure you have enough for a down payment (typically 3-20%) and closing costs. 2. Gather Financial Information Lenders will need the following: Proof of income (pay stubs, tax returns, W-2s/1099s). List of assets (savings, investments, retirement accounts). Details of current debts (credit card balances, student loans, etc.). 3. Choose a Lender Research different lenders, including banks, credit unions, and online lenders. Compare prequalification options (many allow online applications). 4. Complete the Prequalification Process Fill out the lender’s prequalification form (online, over the phone, or in person). Provide basic details about your income, debts, and assets. 5. Review Prequalification Results The lender will give you an estimate of the loan amount and potential interest rate. Remember, prequalification is not a guarantee of approval and doesn’t involve a hard credit inquiry. 6. Follow Up with Preapproval If you’re serious about buying, consider getting preapproved, which involves a more in-depth review and is stronger than prequalification. Tips: Use online calculators to estimate affordability before reaching out to lenders. Avoid large purchases or opening new lines of credit during the prequalification and preapproval process. Would you like details on specific lenders or tools to compare mortgage options? tune in and learn at https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
By Didier Malagies January 13, 2025
Many retirees have said they rely largely — and sometimes entirely — on Social Security benefits as their primary income stream in retirement . But in instances where these payments may not be enough to make ends meet, other options should be considered — and in the right situation, a reverse mortgage could be one such option.  That’s according to a column published this week by USA Today , which assessed reverse mortgages in tandem with options such as personal savings, a part-time job and other benefits programs. “A reverse mortgage is a possibility for seniors with substantial equity in their homes,” the column stated. “It essentially enables you to borrow against your equity, and you aren’t required to make any payments while you’re still alive as long as you live in the house.” The column is likely referencing the Home Equity Conversion Mortgage ( HECM ) program insured by the Federal Housing Administration (FHA). Loan proceeds are dependent on the amount of equity in the home and current interest rates, the column noted, and there are multiple disbursement options available, the column noted. The minimum age requirement of 62, a core tenet of the HECM program, was also mentioned. “There are closing costs and other fees, and you’ll still be responsible for maintaining the property and paying the property taxes and homeowners insurance,” the column noted. It characterized the loan as a “solid option” for those who have few other assets beyond their homes, adding that “it might not be the right move if you intend to pass the property on to your heirs someday. After you pass away or move out of the home, you or your estate will have to repay the loan. This will reduce how much your heirs receive.” Recent survey data from Clever Real Estate highlighted some realities of relying on Social Security benefits in retirement. Roughly one in five respondents in the 1,000-person survey said they rely exclusively on Social Security benefits as their sole income stream in retirement, with nearly 30% saying they believed they would be able to rely on them. Last year, data from Nationwide suggested that an increasing number of older investors believe that retiring at the age of 65 is no longer a realistic option . This is largely tied to higher levels of stress they’re feeling about the economy and the cost of living.
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