When buying a home, millennials are purchasing with scores anywhere between 662 and 757, depending on location, according to Ellie Mae’s latest Millennial Tracker™, a measure of millennial mortgages. The averages are lowest (662) in Madisonville, Ky., and highest (757) in San Francisco, Calif., and overall typically at 721.
“You would expect to see higher average FICO scores in the largest coastal metropolitan cities where loan amounts are higher, which we do see in areas such as San Francisco (757), Los Angeles (745), Boston (701) and Miami (722); however, there are some surprisingly high numbers in more rural areas, such as Mitchell, S.D., where the average FICO for millennials was 735 in May, higher than Boston or Miami,” says Joe Tyrrell, executive vice president of Corporate Strategy for Ellie Mae.
The credit diversity expels a fear many millennials have, which is that they have to have a perfect score, Tyrrell says.
Source: Ellie Mae
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