Approved! Credit Availability increased in April!

An increase in credit access was reported in April according to the Mortgage Bankers Association’s Credit Availability Index (MCAI).

The Index increased 0.5 percent month-over-month to 122.0 in April. The increase was driven by new offerings of FHA’s 203K homewr-df-refinance-7 improvement program, new VA offerings, and new jumbo products.

The MCAI and its four components are designed to show relative credit risk/availability based on information about borrower eligibility and underwriting criteria gathered for over 95 lenders and investors and combined with data from Ellie Mae’s All Regs Market Clarity product.

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