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The Size of the Affordable Mortgage Market: 2015-2017 Enterprise Single-Family Housing Goals

2015-2017 Enterprise Single-Family Housing Goals

Published: 8/19/2015
Author:

Jay Schultz​​

In establishing benchmarks for the 2015, 2016, and 2017 single-family mortgage housing goals for Fannie Mae and Freddie Mac (the Enterprises), the Federal Housing Finance Agency (FHFA) is required to measure the size of the mortgage market. This paper documents the methodology used to estimate the market size for the Low-Income Borrower Home Purchase Housing Goal (share of borrowers with incomes no greater than 80 percent of the area median income (AMI)), the Very Low-Income Borrower Home Purchase Housing Goal (share of borrowers with incomes no greater than 50 percent of AMI), the Low-Income Areas Home Purchase Housing Subgoal (share of borrowers living in low-income areas (where census tract median income is no greater than 80 percent of AMI) and of borrowers with incomes no greater than AMI living in high minority areas), and the Low-Income Borrower Refinance Housing Goal (share of borrowers with incomes no greater than 80 percent of AMI).

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