The Federal Housing Administration reported that applications for streamline refinancings remained strong in July as more borrowers sought to refinance their pre-June 2009 loans.
The agency said lenders took in 79,300 applications for
The special streamline program was launched June 1. Roughly 84,000 applications were filed during the first month. In July, FHA approved 25,750 of those single-family loan applications.
The streamline program is designed to give FHA borrowers who haven’t refinanced in three years a chance to take advantage of today’s ultra low mortgage rates. The agency sharply reduced its mortgage insurance premiums as an incentive for existing FHA borrowers to refinance.
Overall, lenders originated $20.5 billion of FHA-insured loans in July, including $900 million of reverse mortgages.
FHA endorsed $12.2 billion of purchase money loans during the month, a 3.4% increase from June. Refinancings came to $7.4 billion, up 10%.
