Government-insured mortgages skyrocket - Silicon Valley / San Jose Business Journal:

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FHA and VA loan applicationds roseto 35.9 percent in up from 25.7 percent a month earlier and 27 percenf a year earlier. Since the MBA survey's inception in Januaruy 1990, the lowest recorded share was 5.8 percent in August 2005. The government-insured share of applications to purchaser homes last monthwas 38.6 up from 27.8 percenty one year ago. Thoswe applications have averaged 36.6 percent to date, compared to an average of 21.8 percent durint the same periodlast year. The low point was in Augustt 2005 when itwas 6.
8 percent, the MBA "A primary reason government-insured loans have retained a high share of the purchaswe market is that thesee loans typically require lower down payments than conventionakl loans," Orawin Velz, MBA's associate VP of economicd forecasting, said in a news release. "Inh addition, lending standards tend to be tightedr forconventional loans, especially for loans that requirse private mortgage insurance.
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