FICO Scores On Approved Home Loans Drop Again

Dated: 01/10/2018

Views: 32

Image title

FICO® Scores on Approved Home Loans Drop Again

 First Time Home Buyers, For Buyers, Move-Up Buyers

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!

Contributor
Charles R Juarez Jr


Blog author image

Charles Juarez

With my expertise in realty for both buying or selling a home in San Antonio, and surrounding areas. You have found the right resource for your real estate needs. Whether you are looking for a new hom....

Latest Blog Posts

Where Did Americans Move In 2017 INFOGRAPHIC

Where Did Americans Move in 2017? [INFOGRAPHIC]First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Infographics, Move-Up BuyersSome Highlights: Atlas

Read More

5 Reasons It Will Pay To Sell Your Home Early In 2018

5 Reasons It'll Pay to Sell Your Home Early in 2018By Holly Amaya | Jan 10, 2018 Getty Images; realtor.comIt's been nearly a decade since the Great Recession delivered the worst

Read More

What Impact Will The New Tax Code Have On Home Values

What Impact Will the New Tax Code Have on Home Values? Thursday January 18th, 2018  First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates, Move

Read More

61 Of First Time Buyers Put Down Less Than 6

61% of First-Time Buyers Put Down Less than 6% Wednesday January 17th, 2018  Down Payments, First Time Home Buyers, For BuyersAccording to the National Association of

Read More