#mortgage-access

#mortgage-access

According to the Housing Partnership, the program is expected to support approximately 1,000 workers each year. The lack of regular paystubs, W-2s or 1099s to document income often puts gig workers at a disadvantage when applying for a mortgage to buy their first home, said Jamie Smarr, president and CEO of the New York City Housing Partnership. The economy has undergone significant shifts for middle-class Americans. The goal for our new Pathways to Homeownership program is to help gig workers, freelancers, seasonal workers and the self-employed with non-traditional sources of income become homeowners.

In today's rapidly evolving financial landscape, mortgage lenders and servicers are facing intense pressure to expand access to credit while maintaining sustainable risk practices. A growing strategy to meet this challenge is the rise of fintechnonprofit partnerships. These collaborations not only open new doors for underserved borrowers but also provide lenders with scalable tools to grow and retain their customer base. The emerging trend suggests a shift from viewing underserved consumers as high-risk to seeing them as future-ready homeowners with the right support.