A completely new status quo for mortgage financing — especially one more favorable toward first-time homebuyers — was cited by real estate leaders as a vital step in improving housing affordability.
For NextHome co-CEO Keith Robinson, affordability can’t be solved without addressing the mortgage system itself — one he says hasn’t fundamentally changed since the Great Depression.
“We’re using a 30-year fixed financial structure, and that was first installed in 1933 as part of the New Deal,” he told HousingWire.
Robsinson noted that home prices have skyrocketed while wages and financing options remain stuck in another era.
“The average home sales price in 1933 was $5,700. The average home sales price of 2025 was around $400,000,” Robinson said. “Property values have gone up massively in value, but our financial structures are the same. [It’s] not shocking at all that affordability is an issue.”
He said innovation in mortgage terms could help balance that equation.
“Maybe let’s try pushing out term and see if we can use that,” he said. “Just do it for first-time homebuyers. I’m fine if you eliminate the boomers and me and everybody else, but we have to come up with a financing structure that helps the first-time homebuyer.”
Century 21 President and CEO Mike Miedler said affordability challenges demand more than rate relief — and agreed with Robinson regarding drastic changes in financing.
“Brokerages have a real opportunity to lead by embracing innovation; educating clients on alternative housing options like (accessory dwelling units), modular homes or even commercial spaces that have been transformed into affordable residential options,” he said. They can also partner with lenders and local stakeholders to explore new financing models.
“That can be longer term mortgages, tax relief for older generations selling to first-time buyers, or creating opportunities that allow buyers to assume mortgages where qualified. This helps loosen supply and ease the affordability on the demand side.”
A ‘New New Deal’ for housing?
Pressed on how he’d address today’s bottlenecks — from credit to construction to affordability — Robinson didn’t hesitate.
“If you were to make me the housing czar for a day, I would try to fix it by (changing) what the government would tell Wall Street they’ll back,” he said.
His prescription; a new government-backed financing structure through FHA, focused exclusively on first-time buyers.
“Give them some new mortgage structure that we haven’t seen before that helps with affordability in the same way in 1933 we had to come out with a new economic structure that we’ve never seen before to unlock housing for the country,” Robinson said.
The NIMBY wall, mortgage markets
Beyond changes to commonly used mortgage financing models, Robinson and Miedler touched on another aspect of affordability and inventory that’s become popular among legislators; zoning.
Robinson said federal programs often can’t overcome the deep-seated “not in my backyard” resistance, often dubbed NIMBY, in many communities.
“I’m not super optimistic that local zoning will, at scale, be the solution because the nimbyism is just so rampant,” he said. “People want to get reelected, and you don’t get reelected if you ignore your constituents. Those two things are at odds.”
While also acknowledging that homeowners have valid concerns about neighborhood changes, Robinson said the lack of new housing risks leaving an entire generation behind.
Miedler said municipal zoning preferences must be balanced with overarching inventory goals.
“Local zoning and permitting should reflect the needs of the community but also the reality of the challenges we’re facing with supply,” he said. “Overly restrictive zoning limits choice for buyers and sellers and state and local elected officials should update these often outdated policies to help support and grow their communities.”
Asked about FHFA reforms and potential shifts at Fannie Mae and Freddie Mac, Robinson sees reason for cautious optimism.
“It’s directionally correct,” he said. “Trying to make it easier to borrow money is not a bad thing, so long as we don’t repeat 2008 all over again. We’re very, very far away from that today.
“At least they’re trying something. From a macro standpoint, trying to make it easier to borrow money is not a bad thing.”
Whether it’s new ideas at Fannie and Freddie, major changes to local zoning or rewriting what’s considered to be “normal” in mortgage financing, Robinson and Miedler emphasized that drastic times call for drastic measures — and that a generation of homeownership lies in the balance.
