Real Estate analytics firm Ellie Mae recently released its November 2012 Origination Insight Report, which provided data the confirms that qualifying for a mortgage is tougher than ever.
Here are some highlights:
- The average FICO Score for approved loans of any type was 748
- The average FICO Score for conventional-type approved loans was a lofty 763
- The average FICO Score for FHA approved loans was 701
But here’s the real kicker:
- The average FICO score for DENIED conventional loan applicants was 730!