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
Mortgage lenders are starting to accept lower credit scores and smaller down payments.
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