FHA Insures $144 Billion in Home Loans so Far in 2009

Posted on May 18, 2009 by admin 
Filed under FHA FAQ, FHA news, Mortgage News · Tagged: , ,

The FHA mortgage lending reported endorsing $143.9 billion in single-family FHA home loans in the first six months of fiscal year 2009, up 169% from the same period in FY 2008. The Department of Housing and Urban Development expects FHA endorsements will total $290 billion when the 2009 fiscal year ends on September 30. In March, FHA insured $25.4 billion in single-family FHA loans, including $15.3 billion in FHA refinancing loans, according to an FHA monthly report. The report shows that FHA has a 7.08% serious default rate as of March 31 with 347,500 loans that are 90 days or more past due. FHA had a 6.91% serious default rate back in September. Meanwhile, FHA has a 63% share of the mortgage insurance market, compared to 23% for private mortgage insurers and 13% for Department of Veterans Affairs’ loan guarantee program.