The clock is ticking on the summer homebuying season, and there’s a bit of hopeful news for potential buyers: More banks are making it easier to be approved for a loan.
Every quarter, the Federal Reserve surveys senior loan officers at banks to gauge how they’re lending. In the July survey, almost 60 percent of large banks said demand for prime mortgages is increasing, and roughly 40 percent said they were loosening their credit standards for those loans. Overall, the survey found “the largest such movement by lenders since the housing bust hit nearly eight years ago,” according to the Wall Street Journal.
via Banks Relax Lending Standards for Prime Mortgages – Businessweek.