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FHA Loan Applications On Pace to Double 2006
 
By Peter G. Miller
October 3rd, 2007

The interest in FHA loans continues at a torrid pace. So far this year FHA loan applications have nearly doubled. Looking at figures for the first two weeks of September we see:

*Applications, seasonally adjusted, continued to climb and was estimated at an annual rate of 1,181,200 — 16.5 percent above the estimate for the prior two weeks and almost twice as high (94.1%) as a year ago.

*Actual application count was only 39,483, due to only 9 work days in this Labor Day period.

*During the reporting period, 21,588 mortgages were endorsed; 11,657 for purchase mortgages (54%), 6,395 for refinanced mortgages (29.6%) and 3,536 reverse mortgages, accounting for 16.4 percent of the total.

*Four out of every five purchase mortgages insured went to first-time home buyers.

This entry was posted on Wednesday, October 3rd, 2007 at 12:02 pm and is filed under FHA Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.
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More than 1 Million FHA Loan Applications Likely in 2007
 
By Peter G. Miller
September 23rd, 2007

FHA loan applications on a seasonally adjusted basis now top one million, a huge increase when compared a total of 625,000 last year.

During the last half of August, the FHA endorsed 27,791 mortgages, including 14,994 purchase money mortgages, 8,272 refinances and 4,525 HECM’s (reverse mortgages).

*Purchase mortgages accounted for 54 percent of the total while refi’s made up 29.8 percent and HECM’s 16.3 percent.

*First time home buyers were involved in 79.5 percent of the purchase mortgages.

*The FHA says that the 64.2 percent of these mortgages were for non-minority households and 31.4 percent for minority households. Also, 4.4 percent of the first time buyers refused to give their race or ethnicity.

*As for refinanced cases, only 8.2 percent were processed using streamlined procedures, 7,590 cases required full processing and of these, 6,781 were cash out transactions.

*With respect to HECM’s, 283 mortgages were refinanced (6.3%).

This entry was posted on Sunday, September 23rd, 2007 at 10:31 am and is filed under FHA Mortgage, FHASecure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.