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.”
More and more potential buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, meet with a local professional who can evaluate your ability to buy today!
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Author:Michael Le Phone: 303-356-8282 Dated: January 10th 2018 Views: 78 About Michael: Michael has been a Real Estate Broker in the Denver area for 21 years. With over hundreds of closed...
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About Distinct Group - Keller Williams Real Estate
Distinct Group of Keller Williams is comprised of a team of local real estate professionals committed to selling some of the most desired homes throughout the Colorado front range. Selling these "right addresses" is the mission of Distinct Group of Keller Williams Real Estate, LLC. Let us know what you're looking for. Please take advantage of the helpful tools on this website, including property valuation option, but also feel free to contact us personally.
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"Michael went above and beyond in both buying our new house and selling our old one. He was always available and produced real results when we had issues with our builder. He was also able to get us $5,000 above asking price on our house we sold! Would highly recommend to anyone looking to buy or sell!