This is the insane pool/patio video everyone is going crazy over

This is the insane pool/patio video everyone is going crazy over

Never expected our Facebook to blow up over one of these

Freddie Mac: Here are the top 5 improving metro housing markets

Not just L.A. and NYC

It’s official: Steve Horne out as Wingspan CEO

Jason Spooner takes over; Horne becomes senior advisor
W S
Lending

MBA: Mortgage credit availability drops in August

Credit tightens but some loosening in home improvement, new construction

/ Print / Reprints /
| Share More
/ Text Size+

Mortgage credit availability decreased in August according to the Mortgage Credit Availability Index, a report from the Mortgage Bankers Association.  

The MCAI decreased 0.3 percentage points from 116.4 in July to 116.1 in August. 

A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of a loosening of credit.  The index was benchmarked to 100 in March 2012.  

“While overall access to credit tightened in August, we did see some loosening in certain segments of the purchase market,” said Michael Fratantoni, MBA’s chief economist.  “In particular, lenders instituted additional offerings of loan programs like the FHA 203(k) home improvement program and one-time-close programs for financing new construction.”

Click to enlarge.

The FHA 203(k) loan allows borrowers to include renovation expenses in their loan amount.  One-time-close loans streamline the purchase and financing of new construction.

The Total MCAI has an expanded historical series which gives perspective on credit availability going back 10-years (expanded historical series does not include new Conventional or Government MCAI).  The expanded historical series covers 2004 through 2010, and was created to provide historical context to the current series by showing how credit availability has changed over the last 10 years – this includes the housing crisis and ensuing recession. 

Data prior to March 31, 2011, was generated using less frequent and less complete data measured at 6-month intervals and extrapolated in the months between for charting purposes.

Recent Articles by Trey Garrison

Comments powered by Disqus