It’s the start of a new fiscal year in Washington, and for the FHA it’s been a great time to be in the mortgage insurance business.
The latest figures from HUD show that FHA applications had an annual run rate of 1,285,800 inquiries in the first 15 days in October. This is up 74.6% when compared with a year ago.
Actual FHA applications during the first two weeks of October totaled 51,287 inquires, a figure that rose a whopping 99.4% over the past year.
A total of 25,823 loans were actually endorsed. Of this number, 53.1% were for home purchases, 32.1% were refinances and 14.9% or reverse loans, or what HUD calls “home-equity conversion mortgages” or HECMs.
What these figures mean is that the FHA program — which had actually been on the ropes for the past couple of years — is doing quite well. The program is insuring loans, loss levels are tolerable, and a vast new market for government insurance has begun to appear with the introduction of the FHASecure product.
No one would be surprised if fiscal 2008 turned out to be another banner year for the government program.
Contact BERYL GOSNEY at 425-344-2222 or berylgosney@aol.com for more information on how easy it can be to qualify for a FHA purchase!
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