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.”
And so...here's the 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!
For More Information about today's real estate market, please feel free to contact me:
(435) 640-1488
www.KatrinaAuthement.com or www.LiveTheParkCityLife.com
Free Real Estate Mobile App: Text Utahhomes103 to 32323
Free Home Valuation: www.KatrinasUtahHomeValues.com