Government-insured mortgages skyrocket - Baltimore Business Journal:

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FHA and VA loan applications roseto 35.9 percent in up from 25.7 percent a montgh earlier and 27 percent a year earlier. Since the MBA survey'z inception in January the lowest recorded sharewas 5.8 percent in Augusrt 2005. The government-insured share of applications to purchase homezs last monthwas 38.6 percent, up from 27.8 perceny one year ago. Those applications have averaged 36.6 perceny to date, compared to an average of 21.8 percentf during the same periodlast year. The low poin was in August 2005 when itwas 6.
8 percent, the MBA "A primary reason government-insurede loans have retained a high sharse of the purchase market is that these loans typically require lower down payments than conventional loans," Orawi n Velz, MBA's associate VP of economic said in a news release. "Ihn addition, lending standards tend to be tighterr forconventional loans, especially for loans that required private mortgage insurance.
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