Mortgage bankers originated $22.3 billion of Federal Housing Administration backed single-family loans in May, down 3% from April, according to new figures released by the government.
Nearly 72% of the 124,750 FHA endorsements went to borrowers purchasing a home. Of the 30,900 refinancings in May, 68% were conventional borrowers seeking low-downpayment government loans.
FHA reported that 8.42% of its insured single-family loans are 90 days or more past due, roughly unchanged from the 8.49% rate of April. In February, the serious delinquency rate on FHA loans was 9.17%.
Meanwhile, the May report shows that the 'Hope for Homeowners' program helped six underwater borrowers with conventional loans refinance into a new FHA loan.
To date, H4H's results have been underwhelming.
