According to Ellie Mae's latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is the all-time lowest since last April.The average includes all refinance and purchase loans.
FHA and VA loans showed the most opportunity for the millennial's looking to enter the market with a 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 a average down payment of 4% and a low FICO® score of 684.
More and potential buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, lets get together to evaluate your buying ability today.