Housing activity picked up in the first quarter of 2015. A decline in mortgage interest rates fueled a rebound in refinance volume and strong March home sales kicked off what is to be the best spring homebuying season in years.
Freddie Mac funded approximately 1 out of every 4 of these loans, about 350,000 mortgages. Here's a snapshot of what they
Property Type: 92% were detached homes; 8% condos
Occupancy Type: 89% primary residence; 7% investment property; 4% second/vacation home
Average Loan Size: $157,000
Average Down Payment*: 22%
Average FICO*: 751
It's important to note that these are averages. Many borrowers still qualified for a mortgage with less than 20% down and/or a lower credit score. In fact, 30% of Freddie Mac's loans in the first quarter were made to borrowers with FICO scores between 660-739 and more than 20% of borrowers got a loan with less than 20% down – some as low as 5%. That's because our requirements require lenders to evaluate a borrower's eligibility on their whole financial picture or the 4 C’s – credit, collateral, capacity and capital.
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