FHA: Condo Loans Surge in August
Condominium loans authorized by the Federal Housing Administration spiked to 5,000 units in August, up 20 percent from July, according to figures the FHA released Oct. 2, National Mortgage News reported.
In September, the government agency eased several requirements for the purchase of condominium units through August 2014.
According to FHA data, applications for streamline refinancings also remained strong as more borrowers with existing FHA loans sought to refinance their high-interest loans, National Mortgage News reported.
The FHA reported that lenders received 72,060 streamline refinancing applications in August, up more than 200 percent from a year ago.
According to the FHA, the agency endorsed $22.1 billion of forward mortgages in August, up 13 percent from July and up 38 percent from a year earlier. Refinancings accounted for more than 40 percent of all FHA endorsements, National Mortgage News reported.