Credit still not loosening up, but look at the credit scores that were turned down!

Nearly two months into the year, there is still no sign of a loosening of lender requirements. 

Examining the Ellie Mae Origination Insight Report for January 2015, we see the following:

The average FICO scores for CLOSED applications were:

• 
  overall - 731


• 
  FHA refi - 674


• 
  FHA purchase - 682


• 
  Conventional refi - 741


• 
  Conventional purchase - 752


• 
  VA refi - 715


• 
  VA purchase - 704

The average FICO scores for DENIED applications were:

• 
  overall - 681


• 
  FHA refi - 615


• 
  FHA purchase - 657


• 
  Conventional refi - 698


• 
  Conventional purchase - 721


• 
  VA refi - 670


• 
  VA purchase - 666

Clearly it remains much easier to qualify for FHA loans while conventional loans remain beyond the reach of those with average to merely good credit score.