FICO Scores On Approved Home Loans Drop Again

Dated: 01/10/2018

Views: 214

Image title

According to Ellie Mae’s latest Origination 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’s Millennial Tracker revealed 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, EVP of Corporate Strategy at Ellie Mae 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.”

Bottom Line

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!

Blog author image

Gillian Cunningham

Gillian Cunningham’s name is synonymous with true professionalism, extraordinary knowledge, exceptional customer service, strong work ethic and high integrity standards. Gillian’s personal approac....

Latest Blog Posts

4 Things Burglars Don’t Want You to Know

A burglary occurs every 20 seconds in the U.S., but you can still protect yourself with simple, common-sense steps. 1. Daytime Burglaries Are the Best Time. Burglars like to break in to

Read More

Have You Outgrown Your Starter Home?

Source: Real Estate with  GUY & JOI MCKINNEYHOMEVIDEOSLANGUAGE FREE BUYING/SELLING GUIDES Have You Outgrown Your Starter Home?Have You Outgrown Your Starter Home? 

Read More

Are You Thinking of Selling Your Home? Competition Is Coming!

Are You Thinking of Selling Your Home? Competition Is Coming!Monday August 13th, 2018 The number of building permits issued for single-family homes is the best indicator of how many newly built

Read More

Sellers--Time to List to Beat Increasing Competition

Are You Thinking of Selling Your Home? Competition Is Coming! Monday August 13th, 2018The number of building permits issued for single-family homes is the best indicator of how many newly built

Read More