If you’ve been hesitating to buy a home because you thought qualifying for a mortgage was out of reach, here’s some encouraging news: getting approved is becoming more attainable—especially for responsible buyers.
While lending standards remain solid to avoid the mistakes of 2008, lenders are beginning to ease requirements slightly, which could mean you’re more qualified than you think.
Lending Requirements Are Softening – Just a Little
Banks are opening the door for more borrowers by relaxing some of the tighter requirements, such as needing a high credit score or a large down payment. This shift is giving more buyers a real shot at homeownership without sacrificing the safety of the market.
According to the Mortgage Bankers Association, the Mortgage Credit Availability Index (MCAI)—which tracks how easy it is to secure a mortgage—has reached its highest level in nearly three years.
That means lenders are becoming a bit more flexible, giving buyers more financing options than they had even a few months ago.
More Buyers Can Get Approved Today
The National Association of Mortgage Underwriters (NAMU) puts it this way:
“Mortgage credit availability surged in May, reaching its highest level since August 2022. The uptick signals that lenders are increasingly willing to loosen underwriting standards, providing borrowers with greater access to financing options.”
Translation: if you’ve been turned away before, or worried you wouldn’t qualify, now could be the right time to revisit your options.
What About Another 2008?
Understandably, some buyers worry that looser lending standards could lead to another housing crisis. But today’s environment is nothing like it was back then.
Back in 2008, mortgage approvals were handed out with little oversight, which led to widespread defaults. Today’s standards are still very cautious in comparison. In fact, even with this recent uptick, lending remains far stricter than it was during the housing bubble (according to long-term MCAI data).
This isn’t about reckless lending. It’s about sustainable growth—and it’s giving serious buyers a better chance to succeed.
The Bottom Line
If stricter mortgage rules have kept you on the sidelines, now may be the time to reconnect with a local mortgage advisor or real estate agent. You could be closer to owning a home than you think.
Looking for homes in Tacoma, Puyallup, Bonney Lake, Lake Tapps, SeaTac, or other parts of South King and Pierce County? Let's talk.
You can explore more local market insights, tips, and resources by visiting this helpful home buying guide.
