Mike 425-367-2537 or Sheli 425-293-4568 Office@mikeandsheli.com
4 Reasons to Sell This Winter in Lake Stevens and Snohomish

4 Reasons to Sell This Winter in Lake Stevens and Snohomish

 

Some Highlights:

  • Buyer demand continues to outpace the supply of homes for sale which means that buyers are often competing with one another for the few listings that are available!
  • Housing inventory is still under the 6-month supply needed to sustain a normal housing market in the Lake Stevens and Snohomish area.
  • Perhaps the time has come for you and your family to move on and start living the life you desire.

 

FICO® Scores on Approved Home Loans Drop Again

FICO® Scores on Approved Home Loans Drop Again

 

 

 

 

 

 

 

 

 

 

Good News for potential homeowners in Lake Stevens and Snohomish!

According to Ellie Mae’s latest Origination Report, the average FICO® Score on all closed loans dropped to 722 which is its lowest mark since April. The average includes all approved refinance and purchase loans.

FHA and VA loans showed the most opportunity for millennials looking to enter the market with low down payments and even lower FICO® Score requirements.

Ellie Mae’s Millennial Tracker revealed that those who purchased homes in December with an FHA Loan were able to do so with an average down payment of 4% and a FICO® Score of only 684.

Joe Tyrell, EVP of Corporate Strategy at Ellie Mae commented on the opportunity this brings to buyers,

“With the average credit score dipping, lenders are extending credit to borrowers who may have had no previous access to the housing market.”

Bottom Line

More and more potential buyers are able to qualify for a mortgage loan now! If you are debating a home purchase, let’s get together and evaluate your ability to buy today!