Millennials are depending less on FHA loans to purchase their first home

August 11, 2017 01:27PM

As the youngest generation enters the housing market, their dependency on government loans from the Federal Housing Administration has decreased, according to Ellie Mae’s monthly Millennial Tracker report. In the month of June, only 32 percent of home loans that closed for millennials were FHA loans, and they averaged  about $173,000. In the same month, 63 percent of millennials closed conventional loans in the amount of about $205,000. [Housingwire]