Fergus Falls | FICO® Scores on Approved Home Loans Drop Again
It’s getting easier for first time home buyers. Are you looking to buy a home in Fergus Falls MN 56537? As a real estate agent, I want to be prepared to ensure that you are given the best buying experience with knowledge and expertise to guide you along the way. One of the methods I use is to research lending trends.
Today I’d like to talk about the drop in FICO® Scores on Approved Home Loans.
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.”
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!
Source…. KCM Charlie Brue blog
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