Mortgage credit eases as investors loosen requirements for FHA loans

SOURCE: Mortgage News Feed

Mortgage credit availability rose in May compared to the previous month as some investors lowered their credit score requirements for loans insured by the Federal Housing Administration, and financing for jumbo mortgages expanded slightly, the Mortgage Bankers Association reported. The trade group’s Mortgage Credit Availability Index (MCAI) increased 1.14 percent to 115.1 in May from 113.8 in April. An increase in the index reflects easing credit conditions, while a decline shows that they are tightening.

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