Conventional Mortgages vs FHA Loans
The 2009 fiscal year is shaping up as the biggest on record for FHA loans. Applications for single-family home mortgages were up 50 percent from Oct. 1 through mid-August. Approvals have jumped 70 percent, to 1.67 million. FHA has carved out a huge chunk of the market in the last three years, from 3 percent in 2006 to a whopping 23 percent today. Borrowers of all stripes are turning to the FHA for help in obtaining a mortgage and achieving the dream of homeownership.
