Darren Ahearn
Darren Ahearn
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FICO® Scores on Approved Home Loans Drop Again – KCM Article

FICO® Scores on Approved Home Loans Drop Again

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!

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About Darren Ahearn

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Darren Ahearn

darrenahearn@gmail.com

7210 Corporate Court Suite B, Frederick, MD 21703

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7210 Corporate Ct. Suite B Frederick, MD. 21703

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Baker Park Walk

Frederick Walkers

Meet outside William Talley Recreation Center (West side) in Baker Park. We walk to the northwest end of the park (Schifferstadt House) and back - a little over two miles.(https://www.cityoffrederick.com/DocumentCenter/Home/View/1740)On the first...

Meetup 4th Tuesday of the month, Mark your calendar. Lets Network & brainstorm!

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Wrangling Plot Bunnies + 2 Critiques

Frederick Writers Salon

Have you ever been asked, “How did you come up with that story?” For this meeting, we are going to talk about plot bunnies: elusive when you need ~something~ to write, yet prolific when you are already inundated with nifty ideas. I’d like...