According to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) indicates that February resulted in a slight increase in mortgage credit availability.
The MCAI increased 0.7 percent to 118.6 in February. This slight increase in the index indicates that credit is loosening, while a decrease would indicate that lending standards would tighten.
The MBA’s Chief Economist stated, “Credit availability improved marginally in February, led by further increases in jumbo loan programs, and additional take-up of Fannie Mae’s 97 LTV program. More than half of investors are now offering a 97 LTV program, and Freddie Mac announced that their program will be available in mid-March. In terms of conforming credit, this was offset by somewhat tighter constraints on cash-out loans and investors with multiple financed properties.”
It’s good news for consumers seeking to borrow money in order to buy real estate and that’s good news for everyone!
According to the Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association (MBA) indicates that February resulted in a slight increase in mortgage credit availability.
The MCAI increased 0.7 percent to 118.6 in February. This slight increase in the index indicates that credit is loosening, while a decrease would indicate that lending standards would tighten.
The MBA’s Chief Economist stated, “Credit availability improved marginally in February, led by further increases in jumbo loan programs, and additional take-up of Fannie Mae’s 97 LTV program. More than half of investors are now offering a 97 LTV program, and Freddie Mac announced that their program will be available in mid-March. In terms of conforming credit, this was offset by somewhat tighter constraints on cash-out loans and investors with multiple financed properties.”
It’s good news for consumers seeking to borrow money in order to buy real estate and that’s good news for everyone!