How much does a typical low-income first-time homebuyer with a Fannie Mae-backed mortgage bring to the closing table?
According to Fannie Mae, in a working paper entitled “Mortgage costs as a share of housing costs—placing the cost of credit in broader context,” the average low-income, first-time homebuyer has about $28,000 for a down payment.
The typical low-income first-time homebuyer with a Fannie Mae-backed mortgage also has a 747 credit score, the research paper shows. That’s significantly higher than 670, the average score of first-time homebuyers with an FHA-backed mortgage, or 677, the average FICO details ⇒
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