The Mortgage Credit Availability Index measures how easy or difficult it is to get approval for a mortgage. When credit availability is tight, it is harder to get a mortgage. When credit loosens, it means lending standards have eased. In March, the index rose 0.6 percent, indicating that mortgage credit has become more available.
Mortgage Credit More Available in March
Joel Kan, MBA’s associate vice president of economic and industry forecasting, says the economy and job market are making it easier for buyers to qualify. “Credit availability inched higher in March, driven by the ongoing economic and job market recovery,” Kan said. “This has increased the amount of of low credit score and high LTV products.” That means, home buyers with less-than-perfect credit scores and smaller down payments will have a better chance at getting approved for a loan. That’s good news, especially since first-time home buyers makes up for a significant share of this year’s demand for homes. Click on the following link for more information.
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