If you had to guess whether mortgages for millennials were mostly FHA loans or conventional ones which would you choose? According to data from Ellie Mae, the majority of loans to millennials were conventional ones. These numbers come from their new Millennial Tracker app which uses a dataset comprised of approximately 66% of closed mortgages made to millennials since 2014.
You can sign up to use the app and then filter the data results based on many different categories: gender, age, location, FICO score, and more. Here is some data they have already released:
• 60 percent of the loans to millennials since 2014 were conventional taking an average of 43 days to close, while 37 percent were FHA loans and took an average of 44 days to close.
• 31 percent of closed loan listed a female as the primary borrower; 66 percent of loans listed a male as the primary borrower
• The average primary FICO score for female applicants was 724. The average age was 30. For men, the average age was 29 and the average FICO score was 727.
We’re curious, do these trends line up with what you see amongst your clientele? Are you surprised by how many millennials have conventional loans? Let us know your thoughts.