According toEllie Mae’slatestOrigination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans.
FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements.
Ellie Mae’sMillennial Trackerrevealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684.
Joe Tyrell,EVPofCorporate StrategyatEllieMae commented on the opportunity this brings to buyers,
“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market.”
More and more potential buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, let’s get together and evaluate your ability to buy today!
Author:Gillian Cunningham Phone: 214-718-3718 Dated: January 10th 2018 Views: 172 About Gillian: Gillian Cunningham’s name is synonymous with true professionalism, extraordinary knowledge, except...
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