More than 1 Million FHA Loan Applications Likely in 2007
September 23rd, 2007
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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%).
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