FICO® Scores on Approved Home Loans Drop Again
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!
If you want to find the best house for the money in East San Diego County…. La Mesa, El Cajon, Rancho San Diego, Jamul, Alpine, Lakeside, Santee, Spring Valley, Lemon Grove.
This is what we can do for you,
We will prepare you a list of houses that fit your criteria and take the time to show all these houses to you, with no pressure and no hassle.
So please let us know when you are ready …
If you want to get started now,
Please call us at 619-461-5800
Or text
Email: associates@rotsart.com
Search for the newest listings in East San Diego County (click picture below)
Thinking of selling your home? Let Steven take over the marketing of your property with our unique CBX marketing system
eastsandiegocountyhomevalue.com - Call or text 619-461-5800 for more information.
Comments
Post a Comment