FHA Mortgage Guide

The latest figures from HUD show that FHA mortgage applications as of the end of April are coming in at an annualized rate of nearly 2.2 million per year.

This is a 180-percent increase over the pace for last year. Considering that many loan programs — and many lenders — are underwater — the FHA program is a bright spot in an otherwise overcast mortgage marketplace.

The FHASecure myth continues. The program, which was specifically announced as an effort to aid those facing foreclosure, continues to produce disappointing results.

For the period from April 16th through the 30th HUD managed to refinance 289 delinquent conventional borrowers, up from 258 lucky souls who were helped during the first half of the month. In the same period, HUD endorsed 55,303 FHA mortgages.

To date, the FHASecure program has written a total of 2,276 FHA loans for conventional borrowers on the road to foreclosure. In comparison, 510,984 have been issued since October 1, 2007.

In a country awash with foreclosures, it seems remarkable that HUD has managed to wring such poor performance from a program allegedly designed to help folks who are in trouble. Of course, judging from HUD’s news releases, the public will likely never know….

Check out these FHA resources for more information

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