FHA Shows Huge Activity Increase
July 24th, 2007
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Figures from the end of June show that the market for FHA loan products is booming.
*Applications maintained a strong annual rate — 820,700. That’s up 21.4 percent over last year.
*Loan originations are up 5.8 percent over last year.
*A lot of people applying for FHA loans are not qualifying — on an annualized basis, there were 820,700 loan applications but only 591,400 originations.
*With respect to refinanced mortgages, the big change is in the number of cases requiring full underwriting because of the very sharp rise in cash out transactions — most coming from former conventional mortgages.
By the usual standards of cash and commerce it would seem that the FHA program — even without “modernization” — is doing very well at a time when real estate activity nationwide is slowing down.
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