Millennial Borrowers Taking Out Larger FHA Loans to Compete for Limited Inventory, Latest Ellie Mae Millennial Tracker Finds

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.