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.