Posted by Bud Bruening
The FHA fiscal year ends in October. So far, it endorsed nearly 1,100 multifamily loans, seven times the amount three years ago. For only the second time, loan activity surpassed $10 billion.
For the entire industry, commercial and multifamily originations doubled in the second quarter from last year, according to the Mortgage Bankers Association.
“FHA has never been more relevant in making sure the multifamily apartment marketplace continues to function even during these tough economic times,” said Carol Galante, FHA’s acting commissioner. “While we’re seeing record volume, we also recognize we have to accelerate the time it takes us to process these applications so we continue to meet this demand at the very time the market needs us the most.”
USDA Mortgage Financing and VA Financing has also seen a huge increase in loan origination business. USDA and VA Mortgage Financing both offer 100% financing meaning that a prospective buyer can buy a home using these types of loan programs without have a down-payment.
Down-Payment Assistance programs in Utah have also seen a huge increase in applications. Down-Payment assistance programs allow home buyers to get financing without having a down-payment.
For questions about Utah Mortgages and Utah Down-Payment Assistance Programs give the Mortgage Solutions Team a call.