Ellie Mae Didnt She Play On The Beverly Hillbillies

Ellie Mae Didnt She Play On The Beverly Hillbillies

Ellie Mae is actually a loan origination and tracking software extensively used by lenders to track new mortgages nationwide. Here are some of their findings:

·   33% of loans last month went to borrowers with FICA scores (ask your lender)  
    below 700
·   Average FHA* home purchase loans had a FICA score of 684
·   Down payments for FHA loans for homes average around 5%; some were 3.5% ·   Fannie Mae and Freddie Mac also allowed 5%, but you had to show you could
    pay mortgage premiums

·   Veteran Administration loan down payments can be zero down
·   The Dept. of Agriculture (for people who live in small towns) also had zero
    down payments.
 

What does this mean for a potential home buyer? It means getting off the fence and checking out the mortgage market if you are serious about buying a home. *

The above was gleaned from the Washington Post Writers Group and the Los Angeles Times For the full article go to: http://www.latimes.com/business/realestate/la-fi-harney-20140427,0,242681.story#axzz30THC2uyu


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Phone: 919-830-5233
Dated: May 1st 2014
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