Federal Program Stayed Hot In October
November 20th, 2007
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During the last two weeks of October the FHA program continued to sail along. Applications ran at an annualized rate of 1,180,300 while the number of actual applications for the period topped 55,000.
During the period, 32,518 mortgages were endorsed — 25.9 percent over early October. Eighty percent of the applicants were first-time purchasers, suggesting that a lot of subprime and toxic financing has dried up.
Like all government agencies, the FHA’s fiscal year started October 1st. It had projected that there would be 650,000 FHA applications for the year, a forecast which can be trashed given that there were 106,695 application during October.
Some 202,197 FHA loans are delinquent.
If 202,000 loans were delinquent with a private lender we would shudder, but the FHA has a particularly good record of getting loans back on track — and thus avoiding insurance claims.
This entry was posted
on Tuesday, November 20th, 2007 at 5:11 am and is filed under FHA, FHASecure.
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November 21st, 2007 at 5:27 am
Hi Peter, Good information above. Yet another reason for FHA to line up the numbers with conventional as far as amounts go.
I have written quite a few articles on FHA, I personally love them.