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FHA Mortgage Facts From FHA Outlook

December 9, 2008

From time to time, I am asked questions about the FHA program or FHA loans by various people such as:

  • “How long does it take to fund an FHA loan?’
  • “What is an average FICO score for someone who gets an FHA loan?”
  • “Is the Hope for Homeowners program real?”
  • “How come I have never heard of the 203k streamline program?”

I am sure there are many places to get the answers to the above questions, but one quick place to find these answers is on HUD’s website under the FHA Outlook section – the answers below came from their most recent, early-November FHA Outlook report:

What is an average FICO score for someone who gets an FHA loan?

For people who were buying a home with an FHA loan, the average FICO score for the first 2 weeks in November was 693.

For people who were refinancing a home with an FHA loan, the average FICO score for the first 2 weeks in November was 662.

How long does it take to fund an FHA loan?

For the first 2 weeks in November, it took an average of about 5.5 weeks from application to closing.

How come I have never heard of the 203k streamline program?

Probably because it is not done very often.  There were 628 of them done in the first 2 weeks of November.

Is the Hope for Homeowners program “real”?

In the first 2 weeks of November, for the 40k or so refinance transactions that were done, 69 were Hope-for-Homeowners cases.  40,000 FHA refinances… 69 Hope for Homeowners.  Does that answer your question?

Filed Under: Arizona Home Financing Options, Credit Scores, FHA Loans, The Business of Mortgages Tagged With: Arizona FHA Loans, FHA Loans

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