September Mortgage Loan Origination Overview
Obtaining a mortgage purchase loan is as easy as pumpkin pie!
According to Ellie Mae’s Third Quarter Loan Origination Insight Report Purchase loans are seeing more action than Refinance loans. 32% of loans originated had a FICO score below 700 and the average score in the third quarter this September was 726. This proves that you really don’t have to have the “perfect” FICO score to prequalify for a mortgage.
Mortgage loans like FHA and VA are one of the most easy and more affordable to qualify for the eligible. During the third quarter data analysis, FHA received 86% in purchase loans and only 14% in refinance loans. VA received a total of 72% in purchase loan origination and 28% refis, whereas Conventional originated 54% in Purchase and 45% in refis.
Rates are low, making purchase loans a lot more appealing than ever before, especially for FHA and VA. When compared with previous years (2012, 2013) Purchase loans are back in the game and is now on the rise! Don’t hesitate on taking advantage of today’s low rates, speak with a lender today and see what you can qualify for.
Jessica Lucas
