Millennials Leverage FHA Loans in January

Ellie Mae Millennial Tracking has shown that millennial's are increasing their share in the housing market, they are accounting for 84% of closed loans with 35% being FHA loans. 

What appeals to millennials about the FHA loans is they offer a lower down payments and a lower FICO score requirement. It is expected that FHA loans will continue to increase, especially in the millennial generation. Two markets with the most millennial FHA loans happen to be in Owensboro Kentucky, and Atlanta Georgia. On average it takes 49 days to close. 

Collectively, the average millennial's FICO score was 724; and the average FICO score for conventional loans was 748. Yeah average FICO score for VA loans or 734 and the average for FHA loans were 690. 

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