Guess What? The Mortgage Marketplace is Alive and Well
October 22, 2008
On Monday, I posted a bit about the FHA loans becoming the loans of choice. The FHA insures loans up to $362,790 with a 3% down payment. The interest rate may be a tad higher than the rate on a conventional loan and the borrower must pay an insurance premium, but it is typically a 30 year fixed rate loan. Yesterday, I received an e mail with some interesting statistics that I will share with you.
In fiscal year 2008, FHA received 2,008,157 single family loan applications. According to the information from Bill Carlile of Lender License, Inc.,that is up 161.2% over the 768,770 applications received in fiscal 2007.
977,550 borrowers applied to purchase homes.
886,972 borrowers applied to refinance.
FHA approved 1,199,624 mortgage applications.
To receive more information or to apply for an FHA loan, you need to contact an approved FHA lender. You do not apply directly to the Federal Housing Administration. FHA has approved qualified lenders who take the applications, gather the appropriate documentation and submit the loan package to FHA underwriters for approval.
Until December 31, 2008, it is possible in the Inland Empire to secure an FHA loan up to an amount of $500,000, but you will pay a higher interest rate than for the $362,790 loan. After December 31, 2008, the maximum loan amount will be reevaluated. At that time, the down payment is also scheduled to increase to 3.5%.
With 60% of individual wage earners in the Inland Empire earning enough to qualify for a median priced house (approximately $285,000 sales price), it is understandable that FHA loan applications are rising at record levels.
On Monday, I posted a bit about the FHA loans becoming the loans of choice. The FHA insures loans up to $362,790 with a 3% down payment. The interest rate may be a tad higher than the rate on a conventional loan and the borrower must pay an insurance premium, but it is typically a 30 year fixed rate loan. Yesterday, I received an e mail with some interesting statistics that I will share with you.
In fiscal year 2008, FHA received 2,008,157 single family loan applications. According to the information from Bill Carlile of Lender License, Inc.,that is up 161.2% over the 768,770 applications received in fiscal 2007.
977,550 borrowers applied to purchase homes.
886,972 borrowers applied to refinance.
FHA approved 1,199,624 mortgage applications.
To receive more information or to apply for an FHA loan, you need to contact an approved FHA lender. You do not apply directly to the Federal Housing Administration. FHA has approved qualified lenders who take the applications, gather the appropriate documentation and submit the loan package to FHA underwriters for approval.
Until December 31, 2008, it is possible in the Inland Empire to secure an FHA loan up to an amount of $500,000, but you will pay a higher interest rate than for the $362,790 loan. After December 31, 2008, the maximum loan amount will be reevaluated. At that time, the down payment is also scheduled to increase to 3.5%.
With 60% of individual wage earners in the Inland Empire earning enough to qualify for a median priced house (approximately $285,000 sales price), it is understandable that FHA loan applications are rising at record levels.
posted by shirley harry at 8:45 AM
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