According to the latest Millennial Tracker from Ellie Mae, the average FICO score for a Millennial buyer has dropped two full points over the last year.
Increasing accessibility According to the tracker, the average Millennial FICO score on all mortgage loans decreased from 725 in November 2016 to 723 in November of this year.
Millennials aren't just buying homes; They're refinancing, too Still, Millennials have higher average FICO scores than most buyers.
“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market,” Tyrell said.
More than two-thirds of Millennial buyers used conventional products, while 30 percent used FHA loans.
Just 2 percent took out VA loans.
Men made up the largest majority of Millennial home buyers, accounting for 68 percent of all closed loans.
The Millennial home buyer gender gap: male vs. female mortgage characteristics Female buyers, who accounted for just 32 percent of Millennial buyers, were much more likely to buy a home while single.
In fact, 59 percent of female Millennial buyers in November were single, 40 percent were married, and 1 percent were separated.
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