Recently, we were speaking with a group of sales professionals who work for a local roofing company about the benefits of the FHA 203k loan program and how it can potentially help their clients.
After introductions, we started speaking about the FHA loan programs and which ones would be right for what types of situations and the sales manager interrupted us and said:
“Hey, guys — pay attention! I personally have an FHA loan on my house and this is not the first house that I have bought!”
Which got me to thinking: exactly how popular are FHA loans today?
If the data released today by the Mortgage Bankers Association is any indication, FHA loans are as popular as ever.
According to the release:
- FHA loan applications were up 113.6 percent from a year ago in October, while applications for conventional loans were down 49.7 percent.
- FHA loan refinancings from conventional loans to FHA-insured loans were up 144.3 percent from a year ago.
- FHA loans accounted for about one in three mortgage applications in the month of October.
- Since the MBA began surveying loan applications in January 1990, FHA loans have ranged from a low of 5.8 percent of total applications in August 2005, to a high of 43.8 percent in February 1990.
Are FHA loans popular?
Even the sales managers at our local roofing companies know that!