January 17, 2018 | Bob Myers
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.  If you are debating a home purchase, meet with me to help evaluate your ability to buy!

Please consider The Myers Team your resource for all things real estate.  We have over 30 years of real estate experience, specializing in the Montgomery County area.  If you are refinancing, want a recommendation, need a service provider or just have a home related question, please give me a call at  301-910-9910 or email me at bobmyersteam@gmail.com. 
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