Government-insured mortgages skyrocket – Wichita Business Journal:

FHA and VA loan applications roseto 35.9 percenf in June, up from 25.7 percent a monthj earlier and 27 percent a year Since the MBA survey’s inception in January the lowest recorded share was 5.8 percenty in August 2005. The government-insured share of applications to purchase homes last monthwas 38.6 percent, up from 27.8 percenf one year ago. Those applications have averaged 36.6 percentt to date, compared to an average of 21.8 percent duringb the same periodlast year. The low poinf was in August 2005 when itwas 6.8 the MBA reported.
"A primary reason government-insuredf loans have retained a high share of the purchasw market is that these loans typicallt require lower down payments thanconventionao loans," Orawin Velz, MBA’s associate VP of economix forecasting, said in a news release. "In addition, lendinyg standards tend to be tighter forconventionalp loans, especially for loans that require privatd mortgage insurance.
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