FHA Loan Applications On Pace To Double 2006

by Peter G. Miller
October 3rd, 2007
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The interest in FHA loans continues at a torrid pace. So far this year FHA loan applications have nearly doubled. Looking at figures for the first two weeks of September we see:

*Applications, seasonally adjusted, continued to climb and was estimated at an annual rate of 1,181,200 — 16.5 percent above the estimate for the prior two weeks and almost twice as high (94.1%) as a year ago.

*Actual application count was only 39,483, due to only 9 work days in this Labor Day period.

*During the reporting period, 21,588 mortgages were endorsed; 11,657 for purchase mortgages (54%), 6,395 for refinanced mortgages (29.6%) and 3,536 reverse mortgages, accounting for 16.4 percent of the total.

*Four out of every five purchase mortgages insured went to first-time home buyers.

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