Refi and jumbo loans assist enhance mortgage credit score availability
Kan also noted the rapid growth in the non-QM market share over the past few months. “Jumbo loan availability increased 9% to its highest level since March 2020 as more non-QM jumbo and agency-eligible high-balance loan programs became available,” he said.
Continue reading: Trailblazer for non-QM loans
The Jumbo MCAI rose 9.4% in August, along with the conforming index, which rose 5.1% – both of which are indices of the conventional MCAI, which rose 7.6%. Meanwhile, the government’s MCAI rose just 1.1% for the month.
“In the related area, more lenders were offering GSE refinance programs targeting lower-income borrowers to lower their interest rates and payments,” Kan said. “There was also a slight expansion in government loans as more investors offered optimized refinancing options for FHA and VA loans.”