Using data from the 2015 Survey of Income and Program Participation, Jonathan Eggleston, an economist, and Donald Hays, a survey statistician in the Bureau’s Social, Economic and Housing Statistics Division found that the wealth inequality between homeowners and renters is striking, with the former having median net worth 80 times that of the latter. Further, they found wide variations in wealth across demographic and socioeconomic groups. Given that the two are using 2015 data and with the rapid increase in home values since then, the degree of inequality today is probably greater.
The authors say net worth is an important indicator of economic well-being that provides insights into a household’s economic health. For example, during financial hardships such as illness or unemployment wealth is a buffer. It is measured by the value of assets owned minus the debts owned. Therefore, net worth can be negative. Households in the top 1 percent of net worth were excluded from the study.
About half of households had outstanding unsecured debt with a median of $7,500. Credit card and store bills were the most common unsecured liability and about one in five households had outstanding student loan debt, with a median for those that did of $20,000.
http://www.mortgagenewsdaily.com/08282019_homeownership.asp
Recap of our Loan Products:
- Stated Income Loans (No Tax Returns, no W-2s, No P&L) up to $5mm
- Bank Statement Income Loans (Great Bank Statement Program for business owners and self employed)
- Hard Money Loans (As low as 20% down / minimal documentation) Fund in 7-10 days.
- Flipper Loans (Flip a property with one of our many options)
- Line of Credit
- 100% Financing (cross collateralize)
- Foreign Nationals Loans (no social security or residency required)
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up to $500mm.
- 2nd Position Loans up to $5mm
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 10% down Jumbo’s with NO MI up to $2.5mm
- Manufactured Housing / Mobile Homes (20% down / 620+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 5% down Jumbo (Up to $2mm Lender paid PMI)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $484,350)
- High Balance Conforming aka Super Conforming (from $484,350-$726,525)
- Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, VA, USDA
- ARM’s
- Reverse Mortgages
