Federal Housing Administration lenders originated $26.4 billion of single-family loans in June, an 18% increase from May.
Nearly 77% of the 150,900 FHA loan endorsements were for borrowers purchasing a home, according to figures released by the agency in late July. The average FICO score of buyers was 698.
Of the 29,800 refinancings in June, 67% were conventional borrowers seeking low-down-payment FHA loans. The June report found that the Hope for Homeowners program helped just seven underwater borrowers with conventional loans refinance into a new FHA-insured loan. Six H4H transactions were completed in May.
Meanwhile, the FHA reported that 8.32% of its insured single-family loans are 90 days or more past due, down 10 basis points from the previous month.
The serious delinquency rate on FHA loans has sloped downward since February when the rate was 9.17%.
