This report explores the prevalence and ease of first-time homeownership over time. It looks at trends regarding the credit characteristics and product usage of first-time buyers, the demographics of first-time buyers, and where first-time buyers are able to buy. The analysis uses data from the National Mortgage Database (NMDB), a nationally representative, 5 percent sample of all outstanding, closed-end, first-lien, one-to-four family residential mortgages.