Electric Loan Officer

Could FHA Loans lose the popularity contest in October?

popularity-mortgage-rates

As it stands right now the nations most popular loan is in fact the FHA loan. The reason for this popularity is primarily due to its “affordability” and easy to meet credit requirements. On October 4, the Federal Housing Administration plans to significantly increase the insurance premiums for the mortgage loan thus making it less affordable for the consumer.

Many industry analysts believe that this could in turn bring private mortgage insurers back into the game and increase their market share. This could be great news for the conventional loan market and possibly cause private Mortgage Insurance companies to get creative with their guidelines in turn producing more real estate financing programs.

 

-Justin, Electric Loan Officer

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Justin Haines