The year is 2012.
5 years removed from the housing market meltdown.
Yet here we stand, with mortgage rates at all time lows, affordability at all time highs, and still we find that Americans are having trouble getting lending from their own domestic banks.
So it is welcome news that we see a new version of HARP (Home Affordable Refinancing Program) has started to gain some traction, and gusto, by making loans in the 95% loan-to-value range. Worried about the credit worthiness? The research from Ellie Mae is showing that there is an average credit score of 714 for FHFA refinanced homes. That isn’t too shabby. The overall credit score number for all closed loans is 744.
See the remaining stats from the article including loan origination.