Archive for October 21st, 2008
FHA Home Loans Record Banner Year in 2008
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Home Loan Applications
*FHA home loans received 2,008,157 single-family loan applications.
*More than 90 % of applications were for existing home purchases or refinances.
*977,550 borrowers applied to purchase homes
*885,972 applied for a FHA refinance
*144,635 applied for reverse mortgages.
*147,992 refinance applications were from current FHA borrowers seeking new FHA home loans
*727,225 conventional borrowers applied for FHA home mortgages.
*10,755 delinquent conventional borrowers sought FHA mortgage loans.
Government Endorsements
*FHA loans approved 1,199,624 mortgage loan applications.
(up 125 % from fiscal 2007 when the FHA insured 532,337 mortgages)
*631,667 FHA loans were made to people purchasing a new home
(up 126.9 % over the 278,422 purchasers who got loans in fiscal 2007.)
*Among those financing a new home, 492,295 (77.9%) were first-time buyers.
*455,803 loans (38% of all loans insured by the FHA) were made for refinancing
* 356,722 mortgage loans converted from conventional loans to FHA financing.
(up 211.4% from fiscal 2007.)
* 166,475 FHA home loans (36.5% of refinances endorsed) were cash-out refinances.
