General World News

Fannie Mae: Policymakers should look elsewhere to improve affordability

HW+ Fannie Mae

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 ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com