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Free Falling Fico Fuels Financing Case Study

339 Words2 Pages

Free-falling FICO Fuels Financing On average, prospective homeowners needed to wield a FICO score of 757 if they wanted to secure financing for a mortgage from a traditional lender...until this last month. The Network Journal reports that the average FICO score needed for home loan approval in September plunged to a mere 723, the lowest average score since 2011. The data came from mortgage application data collected by Ellie Mae. This lower FICO hurdle has not only allowed more potential buyers to enter the market, but more homeowners are able to refinance their homes as well. This is important since nearly half of all approved mortgage loans fall into the refinance category. While the lower FICO score signifies that banks are becoming

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