Getting Mortgages

Getting Mortgages

Getting Mortgages Is Now Considerably Easier Than a Year Ago

Access to mortgages is about two-thirds of the way back to pre-housing crisis levels.

shutterstock_138342692
MARKET TRENDS / STORY / BY  ON 

Getting a mortgage now is considerably easier than it was a year ago, according to the inaugural Zillow Mortgage Access Index (ZMAI).

In fact, access to mortgages is about two-thirds of the way back to 2002 levels, which was before the housing bubble and crisis distorted home values and borrowers’ ability to buy homes.

Access to home loans peaked in August 2004, the ZMAI shows, after which it gradually became more difficult to get a mortgage — until the crisis hit in 2007. At that point, mortgages were suddenly much harder to come by, with the tightest period being September 2010.

In the past two years, lenders have opened their doors wider, the Index shows. Now, many people who last year might have been eligible only for FHA loans because of their low credit scores or down payments are being offered conventional loans with private mortgage insurance.

“Modestly easier credit will help first-time buyers get into the market, which will have many benefits,” says Zillow Chief Economist Stan Humphries. “We’re a long way from again letting credit get too loose, but we’ll need to remain vigilant not to repeat the mistakes of the recent past.”

The ZMAI took into account credit scores, debt-to-income ratios, private mortgage insurance, second mortgages, non-conforming loans, the mortgage rate spread and Zillow Mortgage Quotes. You can read more about the results at Zillow Real Estate Research.

 

Blog_900pxWidth_ZMAIChart_a_03

googleplustwitterfacebooklinkedinemail

About the Author

Melissa Allison writes about real estate transactions and trends for Zillow Blog.


Doug Smith Headshot
Author:
Phone: 717-514-3400
Dated: March 14th 2015
Views: 1,351
About Doug: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Cumberland County New Listings - http://doug.doughomesales.com/sell
Who Needs A Spouse To Buy A First Home - Who Needs a Spouse to Buy a First
Getting Mortgages - Getting Mortgages Is Now
Compact Living - Compact Living: 10 Tiny Dwellings

Our Bloggers

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Re/Max 1st Advantage
6375 Mercury Drive
Mechanicsburg, PA
717-798-3016
717-591-7273