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FICO SCORES ON APPROVED HOME LOANS DROP AGAIN!

Thursday, January 11, 2018   /   by Vanessa Saunders

FICO SCORES ON APPROVED HOME LOANS DROP AGAIN!

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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.

Barry Goldenberg, Senior Mortgage Loan Originator for Luxury Mortgage commented on the opportunity this brings to buyers. "After many years of tight guidelines, banks are getting more comfortable about mortgage lending in general. The decline of mortgage loans going into default over the last few years has let banks look more favorably on lower FICO scores."

GPS Says:

More and more potential buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, meet with a local professional who can evaluate your ability to buy today!

For more information or questions about this article, contact Vanessa Saunders, CEO and Principle Broker, Global Property Systems Real Estate. vanessa@gpshousehunt.com

To reach a mortgage lender, contact Barry Goldenberg, Senior Mortgage Loan Originator for Luxury Mortgage. BGoldenberg@luxurymortgage.com

  hudson valley real estate, hudson valley property, buying a home, mortgage process, mortgage rates

Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

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The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.