According to the latest numbers, Freddie Mac financed affordable mortgages for nearly one million first-time homebuyers and over 4.5 million low- and moderate-income borrowers between 2009 and 2015.
Year to date, the company is on track to match its best year financing mortgages for first-time homebuyers since the beginning of the Great Recession. During the first six months of this year, lenders have been delivering an average of 17,000 first-time homebuyer mortgages a month to Freddie Mac. That’s on par with last year and 25% higher than the monthly average in 2013.
The increase is due to a combination of factors including general economic trends, low mortgage rates, Freddie Mac lender alliances and outreach initiatives plus low down payment mortgage products such as Home Possible AdvantageSM. Home Possible Advantage requires down payments of as little as 3%, and the source of these funds may include a gift from a family member or employer, or a grant from a housing agency.
According to Freddie Mac data, the most active states for first time homebuyers in 2015 (year to date) are California, Texas, Florida, Illinois, New York, Pennsylvania, Ohio, New Jersey, Michigan, and Washington.
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