Millennial Borrowers Taking Out Larger FHA Loans to Compete for Limited Inventory, Latest Ellie Mae Millennial Tracker Finds
ELLIE MAE (ELLI)
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Source: Business Wire
PLEASANTON, Calif.--(BUSINESS WIRE)-- Millennial homebuyers are taking out larger FHA-backed mortgage loans year-over-year, according to November data from the Ellie Mae Millennial Tracker™. Twenty-six percent of all closed loans to members of the generation in November were for FHA loans, with an average loan size of $186,454, up from $178,862 in November 2017 and $170,167 in November 2016. Comparatively, Conventional loans accounted for 69 percent of closed loans made to Millennial borrowers during the same period, with an average loan amount of $211,268. Additionally, two percent of loans were for VA loans and three percent were unspecified. FHA loans were more likely to be used by borrowers to purchase a home (95 percent), with just five percent of these type of loans going toward a refinance. Among conventional loans, 88 percent were for purchases and 11 percent were for refinances. “Novembe
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