March 28, 2024

FHA Lists 50 Counties With Highest Default Rates

The rates of defaults and delinquencies on FHA mortgage loans continues to surge.  The latest Monthly Report to the FHA Commissioner on FHA Business Activity reveals that almost 1 out of every 10 FHA mortgages is now classified as “seriously delinquent”.   A seriously delinquent loan is defined as being 90 days or more past due, […]

Profile Of The Average FHA Borrower – How Do I Measure Up?

The FHA has become the primary source of mortgage financing for many Americans.  Over the short time span of 2007 to2009, FHA mortgage financing increased by more than 400%. The number of home purchases done using FHA financing exploded from 278,394 in 2007 to 1,109,582 in 2010. The FHA has increased its market share primarily […]

FHA Loan Losses May Trigger Taxpayer Bailout and Higher FHA Insurance Premiums For Borrowers

Due to increased loan losses on FHA insured mortgages, borrowers may soon be facing an increase in FHA insurance premiums. In testimony before Congress, Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD), stated that due to an almost total depletion of the FHA Mortgage Insurance Fund, it may become necessary […]

FHA Foreclosed Home Inventory Climbs By 30%

The latest Monthly Report to the FHA Commissioner shows that the supply of FHA repossessed homes continues to surge. At the beginning of July 2011, FHA owned properties swelled to 53,164.  The value of the properties held by the FHA totaled $6.74 billion. For the year to date current fiscal year which covers the period […]

FHA Lending Plunges By 39% Through May As Default Rate Exceeds 8%

The recently released Single-Family Outlook from the FHA shows a steep drop in FHA applications through May 2011.  According to the FHA the estimated rate of annual applications plunged by 39% from a year ago and down 21% from April.  The FHA estimates that total applications for mortgage loans this year will be 1.3 million. […]