Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
Buyers May Have an Easier Time Qualifying for a Mortgage ☘ Hoey Team ☘ eXp Realty
Dated: December 15 2019
Credit standards are loosening, a trend that has been consistent over the last three months. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose 2.1% in November, which indicates “loosening credit.” Further, the trade group says it expects the trend to continue in the new year. “Expanding credit availability will continue to support active levels in mortgage lending, even as refinance activity starts to level off,” says Joel Kan, MBA’s associate vice president of economic and industry forecasting.
The loosening of credit is most evident for government-backed mortgages, including FHA, VA, and USDA loans for rural properties, MBA reports. Jumbo loans, which have risen 2.2% to reach a record high, also showed a loosening of standards, MBA reports. “The jumbo index climbed to yet another record high, as investors increased their willingness to purchase loans with lower credit scores and higher LTV ratios,” Kan told The Mortgage Reports.
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