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Home / Blog / Mortgages / FHA and VA Led Mortgage Applications in August

FHA and VA Led Mortgage Applications in August

September 8, 2015 By Mary Catchur

FHA and VA Led Mortgage Application
Photo Credit: GotCredit/Flickr.

Overall, mortgage applications dropped by about 1% last month. But that’s not a bad thing for markets and not surprising; historically, mortgage applications vary from season to season, and when you account for seasonal variables, mortgage applications actually rose .2% the week ending August 21, 2015.

So what accounts for the rise in mortgage applications? According to World Property Journal, the answer is simple: government backed mortgages.

FHA Loan Applications on the Rise

The Fair Housing Administration (FHA) was established to help lower income families purchase a home they could not otherwise afford. An FHA mortgage is an insurance backed home loan that is provided by a FHA-approved lender.

In August, the FHA purchase index rose by a seasonally adjusted 5.6%, far outpacing overall mortgage applications for the month.

VA Mortgage Applications Soaring as Well

Similarly, a VA mortgage is available to qualified veterans, and guaranteed by the Veteran’s Administration.

In August, numerous veterans took advantage of this program in hopes of purchasing a home. Accounting for seasonal adjustments, the VA purchase index rose by 5.2%, far outpacing applications overall.

What Does This Mean for Real Estate Markets?

Even as it remains difficult for people with lower credit scores to get a mortgage, applicants are taking advantage of government mortgage programs to buy a home.

Government backed mortgages traditionally help boost mortgage application rates by broadening the field of people who qualify for a home loan, which certainly was the case in August.

Why Should You Care?

If you are a real estate professional, it’s important to understand changes in the real estate market, and how people are accomplishing their goal of homeownership. And as a borrower, it’s important to know how people are qualifying for a mortgage, and that real estate markets are healthy and improving.

Knowing that government backed mortgage programs are a primary driving force in the current housing market is important information for real estate professionals and borrowers alike.

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Filed Under: Mortgages Tagged With: FHA Mortgage, VA Mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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