203K, VA, and Jumbos Help Credit Availability in April

By Jann Swanson

Posted To: MND NewsWire

Incremental increases in credit access continued in April according to the Mortgage Bankers Association’s Credit Availability Index (MCAI). The Index increased 0.5 percent month-over-month to 122.0 in April, an increase that indicates a loosening of credit. A decline indicates that credit standards are tightening. “Mortgage credit availability increased on net in April,” said Mike Fratantoni, MBA’s Chief Economist. “The increase was driven by new offerings of FHA’s 203K home improvement program, new VA offerings, and new jumbo products. The increase was partially offset by some investors tightening underwriting criteria on conventional cash out offerings.” Three of the four MCAI component indices rose during the month as well with the largest change, +1.1 percent, in the Government MCAI. The…(read more)

Via:: 203K, VA, and Jumbos Help Credit Availability in April