Rising costs on goods and services, interest rate fluctuations, low housing inventory, affordability concerns – the barriers to homeownership are real but recent research from Freddie Mac indicates that there is a massive opportunity for LOs to connect with mortgage-ready individuals.
Here’s what you need to know:
• In its ground-breaking report, “Who Are The Future Borrowers?” Freddie Mac identified millions of mortgage-ready prospects. As of January 2023, that number was 38.2 million, according to Cindy Waldron, VP, Research & Analytics in the Single-Family Client & Community Engagement at Freddie Mac.
• To better understand the mortgage-ready market, Freddie Mac created the First-Time Homebuyer Affordability Map which evaluates affordability for future borrowers based on their credit characteristics, income distribution and geographic location.
• Waldron noted, “I believe data drives change. Creating a story with data to understand the challenges and opportunities provides [lenders and LOs] with strategies to really impact the homeownership gap.”
For additional details, listen to my Mortgage Manager Playbook podcast episode, Freddie Mac: Mortgage Ready Report.