More than 1 Million FHA Loan Applications Likely in 2007

by Peter G. Miller
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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This entry was posted on Sunday, September 23rd, 2007 at 10:31 am and is filed under , . 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.

4 Responses to “More than 1 Million FHA Loan Applications Likely in 2007”

  1. Ann Says:
    September 29th, 2007 at 5:05 pm

    And take that and multiple it by the 7 points the brokers are making on these loans…Hmmm…I wonder why they are all considering it the goose that layed the golden egg!

  2. Carl Pruitt Says:
    October 9th, 2007 at 7:53 am

    I believe you are grossly overestimating the amount the brokers are making.

  3. Peter G. Miller Says:
    October 9th, 2007 at 8:01 am

    Carl –

    What is the maximum amount or percentage allowed under FHA for points and fees?

    Is a YSP allowed?

    Thank you.

  4. Rob Aubrey Says:
    November 21st, 2007 at 5:31 am

    Wow, I didn’t know you could make seven points on a loan application. How much can you make on a loan?

    Is it also true that you have absolutely no overhead cost?
    :-)

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