Friday the 13th: Do You Live With Gubernomentohypotecaphobia?

October 13, 2023

Hi, Home Buyer.

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From the Homebuyer.com YouTube Channel

It's Friday the 13th but there's nothing scary in this email.

Unless you live with Gubernomentohypotecaphobia - the fear of government-backed mortgages.

Author's Note: My latin is not always great. 

But this Halloween season, don't let your fears stop you from your goal - especially if your goal is to buy your first home. Nearly every home buyer today uses some form of goverment-backed mortgage to buy their first home, with the majority using mortgages backed by the two most famous backers of loans - Fannie Mae and Freddie Mac.   

In 1968, the U.S. government created the Federal National Mortgage Association, which home buyers have come to know as "Fannie Mae". Three years later, it made Freddie Mac.

Today, Fannie and Freddie now provide 71% of the overall mortgage money that fuels the U.S. home purchase market.

In this educational video, you'll learn how Fannie Mae and Freddie Mac work and why it's likely you'll use a Fannie- or Freddie-backed mortgage as you buy your upcoming home. 

And, I already know the background music is too loud so accept my apologies in advance. 😇

Happy homebuying,

HOMEBUYER.COM STATISTIC OF THE DAY
Source: FFEIC

Top counties for conventional mortgages in 2022:

• Maricopa County, Arizona (54,778)
• Cook County, Illinois (52,394)
• Los Angeles County, California (48,935)
• Harris County, Texas (40,546)
• King County, Washington (27,963)

Data represents purchase mortgage transactions for residential, owner-occupied 1-4 unit properties.

Find more interesting mortgage statistics at Mortgage Statistics For Research Projects & Home Buyers.

MORTGAGE RATE CALENDAR
Upcoming events that may change the direction of mortgage rates

October 13, 2023: Consumer Sentiment

October 17, 2023: Retail Sales

October 17, 2023: Homebuilder Confidence

October 18, 2023: Housing Starts

October 19, 2023: Existing Home Sales

October 31, 2023: Federal Open Market Committee Meets

Subscribe to our YouTube channel for additional insight.

FIRST-TIME HOME BUYER PROGRAMS
Status of select first-time home buyer bills in Congress
 
The Downpayment Toward Equity Act
A cash grant up to $25,000 for first-time, first-generation home buyers. 
- Last Action in Congress: June 21, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, 100% USDA

The DASH Act
A $15,000 first-time home buyer tax credit.
- Last Action in Congress: March 7, 2023
- Status: Not yet passed
- Alternative Mortgages: HomeReady, HomePossible

The HELPER Act
A 100% mortgage for teachers & first responders.
- Last Action in Congress: May 10, 2023
- Status: Not yet passed
- Alternative Mortgages: Conventional 100, VA Mortgage

The LIFT Act
A mortgage that builds home equity faster.
- Last Action in Congress: June 22, 2023
- Status: Not yet passed
- Alternative Mortgages: None

The Middle Class Mortgage Insurance Premium Act

A bill to make mortgage insurance tax deductions permanent for homeowners earning less than $100,000/$200,000.

- Last Action in Congress: June 13, 2023
- Status: Not yet passed