Earlier this week, bipartisan legislation (H.R. 2162) was introduced to discount FHA premiums for first-time homeowners. This makes still more interesting a blog post series from the Federal Reserve Bank of New York pondering the challenges facing first-time homeowners and how hard it is even to define them. With two of the posts now in hand, we learn that figuring out who’s a first-time homebuyer won’t be all that easy. We also see that those who qualify for mortgages aren’t materially different in terms of credit scores or debt burden.

The full report is available to subscription clients. To find out how you can sign up for the service, click here.