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FHA Applications Jump 15 Percent in January, Delinquencies Keep Climbing
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You're Now Reading:
FHA Applications Jump 15 Percent in January, Delinquencies Keep Climbing
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
The Easy Way to Shop For a Mortgage Loan
Fill Out One Questionnare
Receive Multiple Offers. Save Money.
You're Now Reading:
FHA Applications Jump 15 Percent in January, Delinquencies Keep Climbing
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March 5, 2012 (Shirley Allen)

Applications for mortgage loans insured by the Federal Housing Administration (FHA) jumped in January led by a surge in refinance applications while the number of loans that became delinquent continued to climb according to the agency’s Single-Family Outlook report for January.

A total of 126,835 FHA loan applications were submitted in January, 14.9 percent higher than the 110,427 applications submitted in the previous month of December. The total number of applications submitted was also higher than in January of last year when 103,991 applications were submitted, a gain of 22.0 percent.

On a seasonally adjusted basis, it was the highest level of FHA applications since September 2010.

Applications to refinance a current loan increased by 26.3 percent from December to January with a total of 59,493 applications submitted in January compared to 47,101 in December. Refinance applications were 44.5 percent higher than in January of last year when 41,178 applications were submitted.

The total number of applications submitted for the purpose of puchasing a home was also higher in January, increasing by 7.5 percent compared to December. A total of 61,547 applications were submitted in January to purchase homes, up from 57,234 applications submitted in December. Purchase applications were 11.1 percent higher than in January of last year when 55,417 applications were submitted.

The total amount of FHA insured loans that were completed in January increased 8.8 percent from December, rising from 93,739 to 102,011. January’s loan completions continued to remain behind last year’s pace of 119,518 loan completions.

Loans for purchased homes accounted for 60.4 percent of all completed FHA insured loans in January with 61,663 completed, a gain of 5.2 percent from December, but 3.5 percent lower than the 63,887 purchase money mortgages in January of 2011.

Refinanced loans accounted for 34.5 percent of all completed loans in January, which was 28.5 percent lower than last year. The 35,173 loans completed in January were still 15.3 percent higher than in December.

The average FICO score for a homebuyer securing an FHA loan in January was 696, the same as in December but down from 703 a year ago. For refinanced transactions, the average FICO score in January was 706, also the same as the previous month but down from 707 a year earlier.

The number of seriously delinquent loans insured by the FHA continued to climb in January, increasing 3.2 percent from December and is 19.8 percent higher than a year ago.

An additional 22,762 loans became 90 days or more past due in January bringing the total number of seriously delinquent loans in the FHA’s portfolio to 733,844. In the last year, the number of seriously delinquent loans has increased by 121,401.

The serious delinquency rate was 9.8 percent in January, up from 9.6 percent in December and also up from 8.9 percent in January 2011.

At the end of January, the FHA had 7,512,171 insured single-family mortgages in its portfolio with an amortized balance of $1.051 trillion.

The number of loans insured by the FHA has increased by 9.1 percent in the last year while the amortized balance has increased by 10.9 percent.

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

Source:
HUD

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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.
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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.
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March 5, 2012 (Shirley Allen)

Applications for mortgage loans insured by the Federal Housing Administration (FHA) jumped in January led by a surge in refinance applications while the number of loans that became delinquent continued to climb according to the agency’s Single-Family Outlook report for January.

A total of 126,835 FHA loan applications were submitted in January, 14.9 percent higher than the 110,427 applications submitted in the previous month of December. The total number of applications submitted was also higher than in January of last year when 103,991 applications were submitted, a gain of 22.0 percent.

On a seasonally adjusted basis, it was the highest level of FHA applications since September 2010.

Applications to refinance a current loan increased by 26.3 percent from December to January with a total of 59,493 applications submitted in January compared to 47,101 in December. Refinance applications were 44.5 percent higher than in January of last year when 41,178 applications were submitted.

The total number of applications submitted for the purpose of puchasing a home was also higher in January, increasing by 7.5 percent compared to December. A total of 61,547 applications were submitted in January to purchase homes, up from 57,234 applications submitted in December. Purchase applications were 11.1 percent higher than in January of last year when 55,417 applications were submitted.

The total amount of FHA insured loans that were completed in January increased 8.8 percent from December, rising from 93,739 to 102,011. January’s loan completions continued to remain behind last year’s pace of 119,518 loan completions.

Loans for purchased homes accounted for 60.4 percent of all completed FHA insured loans in January with 61,663 completed, a gain of 5.2 percent from December, but 3.5 percent lower than the 63,887 purchase money mortgages in January of 2011.

Refinanced loans accounted for 34.5 percent of all completed loans in January, which was 28.5 percent lower than last year. The 35,173 loans completed in January were still 15.3 percent higher than in December.

The average FICO score for a homebuyer securing an FHA loan in January was 696, the same as in December but down from 703 a year ago. For refinanced transactions, the average FICO score in January was 706, also the same as the previous month but down from 707 a year earlier.

The number of seriously delinquent loans insured by the FHA continued to climb in January, increasing 3.2 percent from December and is 19.8 percent higher than a year ago.

An additional 22,762 loans became 90 days or more past due in January bringing the total number of seriously delinquent loans in the FHA’s portfolio to 733,844. In the last year, the number of seriously delinquent loans has increased by 121,401.

The serious delinquency rate was 9.8 percent in January, up from 9.6 percent in December and also up from 8.9 percent in January 2011.

At the end of January, the FHA had 7,512,171 insured single-family mortgages in its portfolio with an amortized balance of $1.051 trillion.

The number of loans insured by the FHA has increased by 9.1 percent in the last year while the amortized balance has increased by 10.9 percent.

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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
HOW
LOANRATEUPDATE
WORKS
Whether you're looking to refinance your current loan, purchasing a new home or looking for a home equity loan, we make it easy at LoanRateUpdate. Our questionnaire is simple and quick to use and your information is safely transmitted to us with SSL encryption. With just two minutes of your time, you could have multiple lenders competing for your business which could save you thousands.
ADVANTAGES OF USING
LOANRATEUPDATE
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.

March 5, 2012 (Shirley Allen)

Applications for mortgage loans insured by the Federal Housing Administration (FHA) jumped in January led by a surge in refinance applications while the number of loans that became delinquent continued to climb according to the agency’s Single-Family Outlook report for January.

A total of 126,835 FHA loan applications were submitted in January, 14.9 percent higher than the 110,427 applications submitted in the previous month of December. The total number of applications submitted was also higher than in January of last year when 103,991 applications were submitted, a gain of 22.0 percent.

On a seasonally adjusted basis, it was the highest level of FHA applications since September 2010.

Applications to refinance a current loan increased by 26.3 percent from December to January with a total of 59,493 applications submitted in January compared to 47,101 in December. Refinance applications were 44.5 percent higher than in January of last year when 41,178 applications were submitted.

The total number of applications submitted for the purpose of puchasing a home was also higher in January, increasing by 7.5 percent compared to December. A total of 61,547 applications were submitted in January to purchase homes, up from 57,234 applications submitted in December. Purchase applications were 11.1 percent higher than in January of last year when 55,417 applications were submitted.

The total amount of FHA insured loans that were completed in January increased 8.8 percent from December, rising from 93,739 to 102,011. January’s loan completions continued to remain behind last year’s pace of 119,518 loan completions.

Loans for purchased homes accounted for 60.4 percent of all completed FHA insured loans in January with 61,663 completed, a gain of 5.2 percent from December, but 3.5 percent lower than the 63,887 purchase money mortgages in January of 2011.

Refinanced loans accounted for 34.5 percent of all completed loans in January, which was 28.5 percent lower than last year. The 35,173 loans completed in January were still 15.3 percent higher than in December.

The average FICO score for a homebuyer securing an FHA loan in January was 696, the same as in December but down from 703 a year ago. For refinanced transactions, the average FICO score in January was 706, also the same as the previous month but down from 707 a year earlier.

The number of seriously delinquent loans insured by the FHA continued to climb in January, increasing 3.2 percent from December and is 19.8 percent higher than a year ago.

An additional 22,762 loans became 90 days or more past due in January bringing the total number of seriously delinquent loans in the FHA’s portfolio to 733,844. In the last year, the number of seriously delinquent loans has increased by 121,401.

The serious delinquency rate was 9.8 percent in January, up from 9.6 percent in December and also up from 8.9 percent in January 2011.

At the end of January, the FHA had 7,512,171 insured single-family mortgages in its portfolio with an amortized balance of $1.051 trillion.

The number of loans insured by the FHA has increased by 9.1 percent in the last year while the amortized balance has increased by 10.9 percent.

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

Source:
HUD

Home Buying Tips
Home Selling Tips
About
Mortgages
HOW
LOANRATEUPDATE
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 LoanRateUpdate and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATEUPDATE
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.