FHA Mortgage Applications Increase in August
FHA Mortgage Applications Increase in August
FHA Mortgage Applications Increase in August
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September 20, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) surged 23.9 percent last month partially due to a significant increase in refinance applications according to the agency’s Single-Family Outlook report for August.

The FHA had a total of 142,793 loan applications in August, up from 115,263 applications in July. Applications were still down from August of last year when 200,907 applications were submitted, a decline of 28.9 percent.

Refinance loan applications increased by 60.1 percent from July to August with a total of 49,773 applications submitted in August compared to 31,081 submitted in July.

Refinance applications were still significantly lower compared to last year despite the record low interest rates in August. Applications were 52.4 percent lower than August 2010 which posted 104,652 submitted applications.

Purchase loan applications were also higher in August increasing by 11.2 percent compared to July. A total of 85,080 purchase applications were submitted in August, up from 76,543 applications submitted in July.

Purchase applications were slightly lower than the 86,569 applications that were submitted in August 2010.

The number of completed FHA insured loans increased 9.8 percent to 100,490 in August compared to 91,533 in July, but was still lower than the 139,045 completed applications in August 2010.

Purchase money mortgages accounted for 75.4 percent of all completed FHA insured loans in August with 75,798 completed, an increase of 10.9 percent from July, but still 15.1 percent lower than the 89,322 mortgages in August 2010.

The average FICO score for a homebuyer securing an FHA loan in August was 697, down from 699 in July and unchanged from a year ago. For refinanced transactions, the average FICO score in August was 695, while the average score a year earlier was 698.

At the end of August, the FHA had 7,259,736 insured single-family mortgages in its portfolio with an amortized balance of $1,012.8 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.4 percent in August, up from 8.3 percent in July, but down from 8.5 percent in August 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

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Mortgage
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Estimate your monthly mortgage payment
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

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15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loans
Todays Mortgage
Rates

See today's mortgage rates. Shop, compare and save.

September 20, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) surged 23.9 percent last month partially due to a significant increase in refinance applications according to the agency’s Single-Family Outlook report for August.

The FHA had a total of 142,793 loan applications in August, up from 115,263 applications in July. Applications were still down from August of last year when 200,907 applications were submitted, a decline of 28.9 percent.

Refinance loan applications increased by 60.1 percent from July to August with a total of 49,773 applications submitted in August compared to 31,081 submitted in July.

Refinance applications were still significantly lower compared to last year despite the record low interest rates in August. Applications were 52.4 percent lower than August 2010 which posted 104,652 submitted applications.

Purchase loan applications were also higher in August increasing by 11.2 percent compared to July. A total of 85,080 purchase applications were submitted in August, up from 76,543 applications submitted in July.

Purchase applications were slightly lower than the 86,569 applications that were submitted in August 2010.

The number of completed FHA insured loans increased 9.8 percent to 100,490 in August compared to 91,533 in July, but was still lower than the 139,045 completed applications in August 2010.

Purchase money mortgages accounted for 75.4 percent of all completed FHA insured loans in August with 75,798 completed, an increase of 10.9 percent from July, but still 15.1 percent lower than the 89,322 mortgages in August 2010.

The average FICO score for a homebuyer securing an FHA loan in August was 697, down from 699 in July and unchanged from a year ago. For refinanced transactions, the average FICO score in August was 695, while the average score a year earlier was 698.

At the end of August, the FHA had 7,259,736 insured single-family mortgages in its portfolio with an amortized balance of $1,012.8 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.4 percent in August, up from 8.3 percent in July, but down from 8.5 percent in August 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

September 20, 2011 (Shirley Allen)

Mortgage loan applications to the Federal Housing Administration (FHA) surged 23.9 percent last month partially due to a significant increase in refinance applications according to the agency’s Single-Family Outlook report for August.

The FHA had a total of 142,793 loan applications in August, up from 115,263 applications in July. Applications were still down from August of last year when 200,907 applications were submitted, a decline of 28.9 percent.

Refinance loan applications increased by 60.1 percent from July to August with a total of 49,773 applications submitted in August compared to 31,081 submitted in July.

Refinance applications were still significantly lower compared to last year despite the record low interest rates in August. Applications were 52.4 percent lower than August 2010 which posted 104,652 submitted applications.

Purchase loan applications were also higher in August increasing by 11.2 percent compared to July. A total of 85,080 purchase applications were submitted in August, up from 76,543 applications submitted in July.

Purchase applications were slightly lower than the 86,569 applications that were submitted in August 2010.

The number of completed FHA insured loans increased 9.8 percent to 100,490 in August compared to 91,533 in July, but was still lower than the 139,045 completed applications in August 2010.

Purchase money mortgages accounted for 75.4 percent of all completed FHA insured loans in August with 75,798 completed, an increase of 10.9 percent from July, but still 15.1 percent lower than the 89,322 mortgages in August 2010.

The average FICO score for a homebuyer securing an FHA loan in August was 697, down from 699 in July and unchanged from a year ago. For refinanced transactions, the average FICO score in August was 695, while the average score a year earlier was 698.

At the end of August, the FHA had 7,259,736 insured single-family mortgages in its portfolio with an amortized balance of $1,012.8 billion.

The serious delinquency rate, homes that were 90 days or more past due, was 8.4 percent in August, up from 8.3 percent in July, but down from 8.5 percent in August 2010.

Tags: FHA, Single-family Outlook report, loan originations, purchase loans, refinance loans, FICO score, serious delinquency rate

Source:
HUD

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.