(The Center Square) – A new report from the National Association of Realtors says two out of every five first-time homebuyers who obtained a mortgage in the past year relied on a loan backed by the federal government.
According to the Federal Housing Administration’s latest annual report to Congress, the agency had $1.65 trillion in mortgages insured as of Sept. 30, compared with $1.29 trillion six years earlier. The report also said 83% of the purchase loans it supported in the most recent fiscal year went to first-time buyers.
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