Darren Ahearn
Darren Ahearn

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!

Leave a Reply

About Darren Ahearn

Picture of Darren Ahearn

Darren Ahearn


7210 Corporate Court Suite B, Frederick, MD 21703

240-317-2722240-317-2722 main

240 344 1713240 344 1713 office

240 344 1713240 344 1713 mobile

RE/MAX Results

7210 Corporate Ct. Suite B Frederick, MD. 21703

It’s not about the home, It’s about serving you!

Community Events

Restorative Yoga Enhanced w/ Thai Yoga Massage

Restorative Yoga w/ Thai Yoga Massage

• What we'll doDuring this 90 minute class, indulge in fully supported healing yoga postures enhanced with passive stretches and the gentle pressure of Thai Yoga Massage. Treat yourself to a deeply nourishing yoga practice that will recharge...

Open Workshop — Combined Frederick Technology Groups

Frederick Web Technology Group

Several of the technology user groups in Frederick have gotten together to host a monthly open workshop together. This specifically includes ourselves, Python Frederick, AWS Frederick, KeyLUG, Startup Frederick, and Frederick WordPress This is...

3rd Saturday Open Workshop

Frederick Startup Community

Several of the tech meetup groups in Frederick have joined together in an open workshop to be held the 3rd Saturday of every month. Either work on a common project selected for the day or bring your own project and enlist the help of others. Come...