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FHA Loan Applications Higher in January
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FHA Loan Applications Higher in January
The Easy Way to Shop For a Mortgage Loan
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FHA Loan Applications Higher in January
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Applications for mortgage loans insured by the Federal Housing Administration (FHA) increased from December to January according to the agency’s Single-Family Outlook report for January as applications for both purchases and refinances increased during the month.

A total of 147,509 FHA loan applications were submitted in January, 16.1 percent higher than the 127,057 applications submitted the previous month. Applications were 16.3 percent higher than the 126,835 applications submitted in January of last year.

Loan applications for refinancing a current mortgage increased 14.4 percent from December with a total of 79,923 applications submitted in January compared to 69,880 in December. Refinance applications were 34.3 percent higher than in January of last year when 59,493 applications were submitted.

The total number of applications submitted for the purpose of purchasing a home also increased in January, climbing by 18.2 percent compared to the previous month. A total of 58,993 applications were submitted in January to purchase homes, up from 49,927 applications submitted in December. Purchase applications were still 4.1 percent lower than in January of last year when 61,547 applications were submitted.

Completed applications increased by 18.1 percent from December to January, climbing from 113,856 to 134,461. January’s loan completions were 31.8 percent higher than the 102,011 loans completed a year ago.

Loans for purchased homes accounted for 45.3 percent of all completed FHA insured loans in January with 60,924 completed, an increase of 14.4 percent from December, but 1.2 percent lower than the 61,663 purchase money mortgages in January of 2011.

Refinanced loans accounted for 50.8 percent of all completed loans in January, which was 94.3 percent higher than last year. The 68,348 loans completed in January were 20.5 percent higher than in December. FHA Streamline loans accounted for 81.3 percent of all refinances.

The average FICO score for a homebuyer securing an FHA loan in January was 695, the same as in December and down from 696 a year ago. For refinanced loans, the average FICO score in January was 701, also the same as the previous month but down from 706 a year earlier.

The number of seriously delinquent loans insured by the FHA increased by 0.5 percent from December to January and was 0.6 percent higher than a year ago.

The number of loans that were 90 days or more past due increased by 3,451 in January, bringing the total number of seriously delinquent loans in the FHA’s portfolio to 738,109. In the last year, the number of seriously delinquent loans has increased by 4,265.

The serious delinquency rate was 9.5 percent in January, unchanged from December but up from 9.8 percent in January 2012.

At the end of January, the FHA had 7,780,073 insured single-family mortgages in its portfolio with an amortized balance of $1.094 trillion.

The number of loans insured by the FHA has increased by 3.6 percent in the last year while the amortized balance has increased by 4.0 percent.

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

Source:
HUD

Reported by Shirley Allen

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Applications for mortgage loans insured by the Federal Housing Administration (FHA) increased from December to January according to the agency’s Single-Family Outlook report for January as applications for both purchases and refinances increased during the month.

A total of 147,509 FHA loan applications were submitted in January, 16.1 percent higher than the 127,057 applications submitted the previous month. Applications were 16.3 percent higher than the 126,835 applications submitted in January of last year.

Loan applications for refinancing a current mortgage increased 14.4 percent from December with a total of 79,923 applications submitted in January compared to 69,880 in December. Refinance applications were 34.3 percent higher than in January of last year when 59,493 applications were submitted.

The total number of applications submitted for the purpose of purchasing a home also increased in January, climbing by 18.2 percent compared to the previous month. A total of 58,993 applications were submitted in January to purchase homes, up from 49,927 applications submitted in December. Purchase applications were still 4.1 percent lower than in January of last year when 61,547 applications were submitted.

Completed applications increased by 18.1 percent from December to January, climbing from 113,856 to 134,461. January’s loan completions were 31.8 percent higher than the 102,011 loans completed a year ago.

Loans for purchased homes accounted for 45.3 percent of all completed FHA insured loans in January with 60,924 completed, an increase of 14.4 percent from December, but 1.2 percent lower than the 61,663 purchase money mortgages in January of 2011.

Refinanced loans accounted for 50.8 percent of all completed loans in January, which was 94.3 percent higher than last year. The 68,348 loans completed in January were 20.5 percent higher than in December. FHA Streamline loans accounted for 81.3 percent of all refinances.

The average FICO score for a homebuyer securing an FHA loan in January was 695, the same as in December and down from 696 a year ago. For refinanced loans, the average FICO score in January was 701, also the same as the previous month but down from 706 a year earlier.

The number of seriously delinquent loans insured by the FHA increased by 0.5 percent from December to January and was 0.6 percent higher than a year ago.

The number of loans that were 90 days or more past due increased by 3,451 in January, bringing the total number of seriously delinquent loans in the FHA’s portfolio to 738,109. In the last year, the number of seriously delinquent loans has increased by 4,265.

The serious delinquency rate was 9.5 percent in January, unchanged from December but up from 9.8 percent in January 2012.

At the end of January, the FHA had 7,780,073 insured single-family mortgages in its portfolio with an amortized balance of $1.094 trillion.

The number of loans insured by the FHA has increased by 3.6 percent in the last year while the amortized balance has increased by 4.0 percent.

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

Source:
HUD

Reported by Shirley Allen

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
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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
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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.

Applications for mortgage loans insured by the Federal Housing Administration (FHA) increased from December to January according to the agency’s Single-Family Outlook report for January as applications for both purchases and refinances increased during the month.

A total of 147,509 FHA loan applications were submitted in January, 16.1 percent higher than the 127,057 applications submitted the previous month. Applications were 16.3 percent higher than the 126,835 applications submitted in January of last year.

Loan applications for refinancing a current mortgage increased 14.4 percent from December with a total of 79,923 applications submitted in January compared to 69,880 in December. Refinance applications were 34.3 percent higher than in January of last year when 59,493 applications were submitted.

The total number of applications submitted for the purpose of purchasing a home also increased in January, climbing by 18.2 percent compared to the previous month. A total of 58,993 applications were submitted in January to purchase homes, up from 49,927 applications submitted in December. Purchase applications were still 4.1 percent lower than in January of last year when 61,547 applications were submitted.

Completed applications increased by 18.1 percent from December to January, climbing from 113,856 to 134,461. January’s loan completions were 31.8 percent higher than the 102,011 loans completed a year ago.

Loans for purchased homes accounted for 45.3 percent of all completed FHA insured loans in January with 60,924 completed, an increase of 14.4 percent from December, but 1.2 percent lower than the 61,663 purchase money mortgages in January of 2011.

Refinanced loans accounted for 50.8 percent of all completed loans in January, which was 94.3 percent higher than last year. The 68,348 loans completed in January were 20.5 percent higher than in December. FHA Streamline loans accounted for 81.3 percent of all refinances.

The average FICO score for a homebuyer securing an FHA loan in January was 695, the same as in December and down from 696 a year ago. For refinanced loans, the average FICO score in January was 701, also the same as the previous month but down from 706 a year earlier.

The number of seriously delinquent loans insured by the FHA increased by 0.5 percent from December to January and was 0.6 percent higher than a year ago.

The number of loans that were 90 days or more past due increased by 3,451 in January, bringing the total number of seriously delinquent loans in the FHA’s portfolio to 738,109. In the last year, the number of seriously delinquent loans has increased by 4,265.

The serious delinquency rate was 9.5 percent in January, unchanged from December but up from 9.8 percent in January 2012.

At the end of January, the FHA had 7,780,073 insured single-family mortgages in its portfolio with an amortized balance of $1.094 trillion.

The number of loans insured by the FHA has increased by 3.6 percent in the last year while the amortized balance has increased by 4.0 percent.

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

Source:
HUD

Reported by Shirley Allen

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.