Lending Standards Loosen Up a Little | Armonk NY Real Estate

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FICO scores for approved mortgage applications in April decreased slightly for the fifth consecutive month as lenders turned their attention to financing buyers during the spring buying season.
Average FICO scores for closed mortgages fell from 749 in January to 743 in March, the steepest decline in the critical measure of creditworthiness since last year at this time. The average loan-to-value ratio for all loans rose slightly from 80 to 81 and the front end/back end debt-to-income ratio was virtually unchanged at 23/35, according to the April Ellie Mae Origination Insight Report released today.
The average time to close a loan fell to 46 days from 48 in March for all loans. Purchase loans took only 44 days to close, on average, down from 47 days in March.




Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Lending Standards Loosen Up a Little | Armonk NY Real Estate

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