Mortgage and Real Estate Blog

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Average Credit scores, down payment, and more...

Minneapolis, MN:  According to a recent information from EllieMae, the average mortgage customer today has the following status:

  • Average credit score: 743
  • Average down payment: 19%
  • Average housing debt ratio: 25% of income
  • Average overall debt ratio: 35% of income
  • Average score of a denied client: 702

Where do you fit?

Do NOT let this fool you.  I was rather shocked to read this information. That doesn't sound like my average customer!

Best advice? Contact a local licensed mortgage professional.  Provide them with a full application, and let them determine if you qualify for a mortgage loan with your credit score, your income, and your down payment size.

Comment balloon 1 commentJoseph Metzler • April 25 2013 11:38AM
Average Credit scores, down payment, and more…
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Minneapolis, MN: According to a recent information from EllieMae, the average mortgage customer today has the following status: Average credit score: 743 Average down payment: 19% Average housing debt ratio: 25% of… more
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