A recent Campbell/Inside Mortgage Finance tracking survey found that first-time buyers accounted for nearly 39 percent of home purchases in May, the highest level since August 2010.
First-time buyers are hitting the market despite credit constraints that make it difficult to secure a mortgage and rising home prices that make them feel like they’re locked out of purchasing a home. A decrease in the Federal Housing Administration’s annual mortgage insurance premium has made the 3.5 percent down payment affordable for some first time buyers, allowing them to enter the market.
