No surprise, is it?
This article at Mortgage News Daily analyzes the eligibility of borrowers across different generations, looking at average credit score, average loan-to-value, and average debt-to-income ratio.
“Many of the same factors that affected credit scores, early career income, fewer savings, as well as less time to build equity through home ownership, led to a higher loan-to-value (LTV) ratio among younger borrowers. That number drops with age as steadily as the credit score rose and again with a benefit going to those two-borrower applicants.”
Not all is lost, however, if you’re young.
There are ways to improve your credit score quickly, get access to money for down payment, and to improve your debt-to-income ratio.
Don’t do it alone. Talk to a mortgage professional today.
Questions about rates today, or about your specific situation regarding mortgage approval? Contact me today!