Buyers may find mortgages easier to get
NEW YORK – Feb. 25, 2015 – Good news for potential home shoppers: A Mortgage Bankers Association (MBA) index shows lender requirements for credit scores, downpayments, and other key mortgage terms are finally loosening up.
Some lenders even expanded the types of mortgages they offer. These moves come after years of tightening loan requirements in the aftermath of the housing crisis.
The newly released MBA index shows that recent improvements in lending are mostly tied to the government's efforts to ease regulations and improve affordability in the housing market. For example, mortgage financing giant Fannie Mae is now allowing purchases of conventional mortgages that have downpayments as low as 3…