FICO Scores On Approved Home Loans Drop Again

Dated: 01/11/2018

Views: 832

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!

Blog author image

Michelle O. Smith

Michelle Smith has lived and worked in both the Fredericksburg and northern Virginia areas for years, and her family has resided in the Fredericksburg area for generations. Before becoming a real esta....

Latest Blog Posts

Free Real Estate Training provided by eXp Realty in Woodbridge VA

Free Real Estate Training provided by eXp Realty in Woodbridge VASeptember 6th at PWAR Free Training & Refreshments for real estate agents and brokers wanting to get their business to the next

Read More

Closet Storage Systems Basics

Your new home has an amazingly huge closet, but a startling lack of places to hang stuff. Sure, you could pile all your extra clothing, shoes and accessories in the corner, or move your antique

Read More

Thinking about buying a home find out if you are ready.

If you are like most of us. We are looking for the castle with the price tag of an outdoor shed at Home Depot. Knowing what you can afford and comfortable with a payment is something that you should

Read More

5 Things to Consider Before Starting a Master Bath Remodel

You got an amazing deal on your home, in part because the master bathroom was kind of really outdated. The wallpaper says it all — and that pink toilet, oh boy. You are so ready to do

Read More