What If I Wait Until Next Year to Buy a Home?We recently shared that national home prices have increased by 6.7% year-over-year. Over that same time period, interest rates have
Mortgage Are Easier To Get Now
Does getting a mortgage loan approved seem harder now?
Oh...the good ole days when - "if you were breathing - you got a loan".
Although many buyers have the impression that loans are more difficult to get, we're actually in a more positive lending environment as noted in a recent, reliable report. While the makeup of mortgage applicants will always be in a state of flux, changing with the times, the most recent Insight Report, published by the Ellie Mae Organization, took a look at today's buyers and the loan approval process.
What they found was "good news".
Interesting to note, credit scores of buyers using an FHA loan products are slightly higher when compared to last year with an average down payment of 4%.
Their FICO scores averaged 686. Overall, the typical FICO score of an approved mortgage borrower is climbing.
For conventional loan buyers, the average FICO scored is 754.
23% of all loans are FHA mortgages. VA loans account for 9% of all mortgage loans.
The typical mortgage loan approval process took 46 days.
The most encouraging and noteworthy statistic from the Ellie Mae report was the one that showed more mortgage applicants are getting approved than during any other period this decade. The report noted, in July 2015, 75.7% of purchase loan applications got "closed." This percentage is a huge increase over the average of 63% of loans closed during 2014.
Simply stated, Ellie Mae statistics refute the widespread impression that "mortgages are difficult to get." In fact, the opposite is true.
Good news for Home Buyers - mortgages are easier to get now than they have been in years.
Find out how much "Buying Power" you have in today's market.
Find out if you qualify for Down Payment Grant Money Assistance Program
(FREE money...who doesn't like that?)
Call Rich Godbout at Caliber Home Loans at 240-372-6284. Or check out Rich's online loan application CLICK HERE.
Click Below. Let's go shopping for a house!!
I grew up in Fairfax County and playing sports throughout the area. As an adult I have been running my own company for almost 10 years. I took a struggling franchise and grew it into the largest of i....