Average Credit scores, down payment, and more...

By
Mortgage and Lending with Mortgages Unlimited, Inc NMLS 274132

Minneapolis, MN:  According to a recent information from EllieMae, the average mortgage customer today has the following status:

  • Average credit score: 743
  • Average down payment: 19%
  • Average housing debt ratio: 25% of income
  • Average overall debt ratio: 35% of income
  • Average score of a denied client: 702

Where do you fit?

Do NOT let this fool you.  I was rather shocked to read this information. That doesn't sound like my average customer!

Best advice? Contact a local licensed mortgage professional.  Provide them with a full application, and let them determine if you qualify for a mortgage loan with your credit score, your income, and your down payment size.

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Topic:
Home Buying
Location:
Minnesota
Groups:
Mortgages
All About Mortgages/Mortgage Networking
The FHA Mortgage Group
Minnesota Real Estate
Investment Property (USA)
Tags:
credit score
minneapolis
down payment
mortgage lender

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Rainmaker
811,715
David Popoff
DMK Real Estate - Darien, CT
Realtor®,SRS, Green ~ Fairfield County, Ct
Good to know these numbers, they seem fair as well.
Apr 25, 2013 05:19 AM #1
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Rainmaker
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Joseph Metzler

Sr Loan Officer
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