By Kelsey Ramirez | Housing Wire
The youngest generation of homebuyers is depending less on loans from the Federal Housing Administration, according to the monthly Ellie Mae Millennial Tracker report.
Millennials, defined as the generation born from the early 1980s to mid 1990s, are entering the housing market as first time buyers, and the latest report from Ellie Mae shows their dependency on government-backed loans continues to shrink.
During June, 63% of all closed loans made to Millennial buyers were conventional loans at an average amount of $205,066, compared to 32% that were FHA loans with an average amount of $173,381.
