Source: Regressions based on FHFA data of Fannie Mae and Freddie Mac purchase-money mortgages for single-family owner-occupied homes. Figure D8: First-Time and Repeat Homebuyer Average Adjusted Probability: Percent Paid Off (Model B) FHFA Working Paper 15-2 72 Patrabansh — Marginal Effect of First-Time Homebuyer Status on Mortgage Default & Prepayment .