Last month, the average FICO score for a closed home loan was 732, down from 750 a year ago, shows data from mortgage tracker Ellie Mae. The average down payment was 19%, vs. 22% a year ago. What’s more, almost one-third of closed loans had FICO scores under 700, vs. 17% a year ago. The
Regulators drop 20%-down requirement from mortgage proposal
Dropping the 20% down requirement will aid in our housing recovery. ——————————————————————————————– Bankers and housing advocates were concerned that requiring a 20 percent down payment would keep many people from buying a home. Lenders and affordable housing advocates won a victory when federal regulators walked away from a proposed rule that would encourage mortgage lenders