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08 Jul 10 FHA Mortgage Volume Drops

The FHA Loan Guide published an article indicating that FHA originations decreased slightly in May. The government report showed that FHA loan closings dropped 3% in May from April’s volume.  FHA loan companies originated $22.3 billion of FHA loans for single-family homes in May.  Almost 72% of the 124,750 FHA loan approvals went to borrowers buying a home.  Of the 30,900 FHA refinance loans in May, 68% were conventional loan transactions with borrowers putting only 3.5% down-payments which are the minimum FHA requirements for home purchase transactions.  The Federal Housing Administration indicated that 8.42% of its insured FHA loans are 90 days or more past due which almost the same as the 8.49% reported in April.   Read the original article online > FHA Loan Production Dips Slightly.

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