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Residential Re-Sale, Commercial Properties, Foreclosures and Investments…As a long-time Fullerton resident Adam is intimately familiar with North Orange County neighborhoods. He has extensive expertise in residential real estate, commercial build outs, hard money lending and mortgage banking. As an authorized REO agent for GMAC, CountryWide Home Loans and World Savings he has extensive experience in all aspects of the foreclosure process. Investors rely on his knowledge and experience to help them identify and capitalize on distressed properties.

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1 in 4 O.C. homebuyers are using FHA loans

June 2nd, 2009 • Related • Filed Under

Roughly one out of every four home buyers in Orange County has used a federally run loan insurance program – which were practically nonexistent two years ago.FHA

Homebuyers are now taking advantage of loans insured by the Federal Housing Administration which include perks such as making a down payment as low as 3.5% and that can be gifted from a relative.

The chart below show FHA market share of purchase loans per month – it was 24.2% in April, down a tad from 25.2% in March.

Brokers and lenders have been pushing the program to consumers. Under FHA, borrowers pay a fee, and those fees go into a pool which is used to compensate lenders if borrowers default. However, if the pool is inadequate to keep up with defaults, taxpayer money could be used to fill the gap.

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There Is 1 Response So Far. »

  1. Comment by Dan Simon - Charleston SC Real Estate on 5 June 2009:

    Great info, thanks for sharing. Not much would be selling in Charleston SC if we did not have the FHA program. Call a lender and see if you qualify. There are some great opportunities out there for buyers in today’s market. Interest rates and prices are low and inventory is high. First time buyers should be able to benifit from the $8,000 tax credit. I have helped several first time buyers so far this year that qualify for the tax credit – it is for real.

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