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FHA Activity Soars In First Half of August

by Peter G. Miller
August 31st, 2007

The first 15 days of August turned into another banner period for the FHA.

Figures from HUD show that FHA loan applications were up 21.3 percent when compared with a year ago — and 39.6 percent over late July. At this rate, the FHA would get more than 1 million loan applications this year.

As to endorsements, they’re up 12.5 percent.

Interestingly, purchase loans are actually down 13 percent while refinancing was up 27.5 percent.

The expanding rate of FHA applications and actual loans continues to make the point that the program is just dandy the way it is and that so-called “modernization” is just what it seems, a way to raise rates and make the program less accessible to many potential borrowers.

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