While the lending environment has not yet fully returned to normal, lending “is loosening up again after being extremely tight,” says Michele Raneri, vice president for analytics at Experian Information Solutions, a major consumer credit-rating company.

Evidence of this is seen in the credit scores of those getting loans. When reviewing fourth quarter 2013 Experian statistics, prime and near-prime borrowers – those considered most creditworthy – accounted for 58.5 percent of all mortgages, compared to 46.7 percent in late 2011.

In addition, in the fourth quarter of last year, the number of prime and near-prime loans that were granted increased 7.7 percent and 9.5 percent respectively from fourth quarter 2013. Raneri attributes this to pent-up demand from consumers who are now finding it easier to borrow.

Homebuyers may not realize that it could be easier than they think to be approved for home financing. By speaking to a Gold Services Manager, they can get a clearer picture of exactly what they can afford in a new home.

Industry Trends

WFS Jumbo rate – 5/5 ARM: 2.875% Other WFS rates – Check with your GSM for current rates. Refi Index – 1432.2 (-6.29%) Purchase Index – 174.0 (+4.00%) NAHB Builder Confidence – 47 (+2.17%) Existing Home Sales – 4,600,000 (-.43%) New Home Sales – 440,000 (-3.30%) Existing Home Prices – 237,300 (+0.30%)

(As of April 3, 2014.)

SOURCE: Mortgage News Daily

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