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! Call The Militello Team and utilize our EXPERT ADVICE to make your dreams come true!
THE MILITELLO TEAM
(978) 815-3877 - Joseph
(978) 500-1480 - Kathleen
Source: Keeping Current Matter