For Millennials, most primary borrowers who are women are single, while the majority of male primary borrowers are married
When it comes to the mortgages of the Millennial generation, women are listed as the primary borrowers on 32 percent of closed loans. Breaking this number down further reveals that, of this 32 percent of mortgages where women are the primary borrowers, 60 percent are single and 38 percent are married, HousingWire reports.
This is in stark contrast to male borrowers, where only 41 percent are single and 58 percent are married. These numbers come courtesy of Ellie Mae’s Millennial tracker, an interactive online tool showing Millennials loan trends in the U.S.
FHA loans make up 37 percent of Millennial’s closed loans, 14 percent higher than the general population, where FHA loans account for about 23 percent of total closed loans. Additionally, on average it takes Millennials 44 days to close on a loan with the average FICO score of Millennials who closed on loans sitting at 722. Women had a slightly lower age for closing on loans, at 29 years, than men, at 29.2 years.