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REAL ESTATE: Mortgage credit loosens, giving homebuyers a lift

REAL ESTATE: Mortgage credit loosens, giving homebuyers a lift

There’s been a lot of movement on the credit front in recent weeks.

According to Ellie Mae’s latest Mortgage Credit Availability Index report, would-be homebuyers are finding it easier to get approved for mortgages. The index reading has ticked up since July.

This means lending standards aren’t as tight as before. The report shows more than 60 percent of all loan applications closed in May. That’s better than it was last year.

Mike Frantantoni, Mortgage Banker Association’s chief economist, told Housingwire.com one reason a bigger percentage of mortgages are getting approved could be due to the new conforming loan programs in the realm of affordable housing. They require lower down payment requirements.

We all know how daunting it can be for middle-income workers to come up with 20 percent down on a $ 250,000 to $ 300,000 home in the Inland region.


Seniors buy homes, and those in the position to make a move might want to put this project on the watch list: Terramore, a master-planned community in Temescal Valley near Corona.

The 1,443-lot development on 961 acres will include a mix of 55-plus age-qualified and market-rate single-family homes. Forestar Toscana Development Company, a venture between Foremost Companies and a controlled affiliate of Starwood Capital Group, held its groundbreaking ceremony last week.

Contact the writer: 951-368-9423 or dgruszecki@pe.com

Press Enterprise : Real Estate