First-Time Homebuyer Mortgage Profile: 2015 PDF Format
First-time homebuyers account for a growing share of home purchases, and even though housing inventory is limited, originations of mortgages for first-time homebuyers are up sharply. Rookie homeowners accounted for 40.8 percent of home purchases in May, the highest level seen in more than five years. And mortgages for first-time homebuyers accounted for 46.1 percent of the dollar volume of agency purchase mortgages in the first quarter, up from a 43.7 percent share a year ago.
First-time buyers, although markedly different from existing homeowners in underwriting terms, represent a large and fairly secure lending niche. The Urban Institute estimates some 96 million adults in the U.S. are currently renting and could be first-time homebuyers. And FHFA research indicates that, after underwriting differences are taken into consideration, first-time buyers are no more likely to default than repeat buyers. Plus, they are less likely to prepay.
Dig into data on the first-time homebuyer market in Inside Mortgage Finance's new First-Time Homebuyer Mortgage Profile. This report uses agency data to present
- An underwriting comparison of first-time homebuyers and repeat buyers. Presented annually for 2013-2015 and quarterly for 1Q14-4Q15, you’ll have volume and average loan size, FICO score and loan-to-value ratio for FTHB and repeat buyers. You’ll also have these statistics by agency (GSE, FHA and VA).
- A channel analysis for first-time buyers. By channel (retail, correspondent and broker), see how volume and underwriting characteristics differ by time period and agency.
- A total list of agency sellers of first-time homebuyer loans in 2015. For each of more than 1,800 institutions, the list provides total first-time homebuyer volume; volume by agency; first-time share of seller’s total purchase volume; and quarterly and annual change in FTHB volume.
- Lender-by-lender channel breakdown. For the 600+ sellers who had more than $10 million in first-time homebuyer sales volume during 2015, a volume breakdown by channel.