FICO Scores On Approved Home Loans Drop Again

Dated: 01/10/2018

Views: 61

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

Buying Remains Cheape

Buying Remains Cheaper Than RentingAugust 17th, 2018The latest Rent vs. Buy Report from Trulia shows that homeownership is still cheaper than renting in 98 of the 100 largest metro areas in the

Read More

Interest Rates Are Projected To Increase Steadily Heading Into 2019

The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC] Friday August 17th, 2018  First Time Home Buyers, For Buyers, Infographics, Interest Rates, Move-Up

Read More

Image Title Housing Market Another Gigantic Difference Between 2008 And 2018

Housing Market: Another Gigantic Difference Between 2008 and 2018 Thursday August 16th, 2018  First Time Home Buyers, For Buyers, For Sellers, Housing Market Updates,

Read More

Homebuyers Willing To Sacrifice MustHaves In Favor Of Good School Districts

Homebuyers Willing to Sacrifice ‘Must-Haves’ in Favor of Good School Districts Wednesday August 15th, 2018  First Time Home Buyers, For Buyers, Generation X, 

Read More