FICO® Scores on Approved Home Loans Drop Again

Worried about your FICO score and how it can effect your ability to get a mortgage?  Most recent borrowers had an average score of 684 and put 4% down.  That makes it sound easy!  It is hard work to get and mortgage and go through the process but the end result is worth everything you have to suffer along the way.  Let’s get started on finding you a home of your own.

Courtesy Keeping Current Matters 2018

FICO® Scores on Approved Home Loans Drop Again | MyKCM

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!

Remember it is always toasty in Naples and you may be able to afford more home than you think!

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