Will a Low FICO Score Keep Me From Buying in Lancaster,PA ?

By
Real Estate Agent with KW Elite

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!

 

Buyers , your first step is to obtain Mortgage Pre-Approval . Email   mikeperrykw@gmail.com to get started .

 
Posted by

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Topic:
Home Buying
Location:
Pennsylvania Lancaster County Lancaster Willow Street
Groups:
1st Time Buyers
ABR-Accredited Buyer Representatives
Keller Williams
It's A Buyer's Market
Buyer Information - What Buyers Need to Know in Today's Market
Tags:
fico score
obtaining a mortgage
obtaining credit
west lampeter real estate news
penn manor real estate news
solanco real estate news
conestoga valley real estate news
hempfield real estate news
obtaing preapproval

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Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I deal with a lender that will work with scores of 600 and up.  You pay a higher interest rate, but you can get into a home

Jan 12, 2018 08:01 AM #1
Rainmaker
2,520,537
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Michael great advice, get pre-approved before anything else, then you know where you stand, Happy New Year, Endre

Jan 12, 2018 09:58 PM #2
Rainmaker
243,005
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hope the loosening of lending requirements will not contribute to another housing issue.  But good for first time homeowners to have that opportunity.

Jan 13, 2018 04:07 PM #3
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Rainmaker
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Michael J. Perry

Lancaster, PA Relo Specialist
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