FHA Mortgage Program Continues Torrid Pace
August 6th, 2007
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The FHA program continues to hum along with great success.
Figures for the first half of July show that the FHA loan applications are up nearly 11 percent. That’s pretty good when you consider the longer and longer list of lenders who are reporting massive losses and closing their doors.
Among the goodies for the first 15 days of July:
*The FHA insured 21,471 mortgages. Of these, 10,746 were purchase money mortgages, 6,083 were for refinancing and 4,642 were reverse mortgages.
*Almost no one is getting ARM financing — only 1 percent of the originations for the month were adjustables.
*Almost 80 percent of FHA loans are going to first-time buyers.
Given the growth of the FHA program you have to wonder: Why is that the FHA needs to be modernized? The program is doing a whole lot better than many private-sector lenders, if not most.
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