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FICO® Scores On Approved Home Loans Drop Again

Posted by David E. DeChant on Thursday, January 11th, 2018 at 12:10pm.

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, meet with a local professional who can evaluate your ability to buy today!

Source: https://www.keepingcurrentmatters.com/2018/01/10/fico-scores-on-approved-home-loans-drop-again/ 

3 Responses to "FICO® Scores On Approved Home Loans Drop Again"

Wondering If You Can Buy Your First Home? wrote: [...]
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FICO® Scores On Approved Home Loans Drop Again
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Posted on Wednesday, January 17th, 2018 at 10:36am.

61% Of First-Time Buyers Put Down Less Than 6% wrote: [...]Links

Are You Ready For Home Ownership?
FICO® Scores On Approved Home Loans Drop Again
Wondering If You Can Buy Your First Home?




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Down[...]

Posted on Thursday, January 18th, 2018 at 10:15am.

Why You Need A Professional On Your Team When Buying A Home wrote: [...] Don’t Disqualify Yourself… 52% Of Approved Loans Have A FICO® Score Under 750
FICO® Scores On Approved Home Loans Drop Again




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First Time Home Buyers (12)
For Buyers (16)
[...]

Posted on Wednesday, January 24th, 2018 at 11:34am.

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