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Volume 2017 - Number 32

August 17, 2017

Demographic Twists: Millennials Turning Away From FHA; Gen X Borrowers Like Working With Brokers

A new report found that fewer millennials have taken out FHA loans in the past couple of months and more choosing conventional loans. Separately, mortgage brokers are getting most of their business from Generation X. According to June data from the Ellie Mae Millennial Tracker, approximately 63 percent of all closed loans made to millennial borrowers were conventional mortgage loans with an average amount of $205,066, while 36 percent were FHA loans with an average amount of $173,381. Conventional and FHA loans, which tend to track in cycles, make up...

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