Tuesday, September 9, 2008

Re-aligned Mortgage Market of Woodbridge Virginia

Woodbridge, a bedroom community of Prince William County Virginia is home to roughly 12,000 households. Subdivisions such as Lake Ridge, Dale City, Rippon Landings have many homes financed with FHA mortgages during the 1970s through the 1990s. After 2003 homeowners overlooked FHA for financing home purchases.

Click on chart to view larger image:

As of this year, the trend has revered. FHA mortgages are approaching the same numbers as conventional mortgages to finance home purchases in Woodbridge, VA. If the realignment rate of mortgage products continue, we can expect to see FHA mortgages used more than conventional mortgages in Woodbridge within several months.

Weststar Mortgage, who coincidentally is headquartered in Woodbridge, succeeded in grabbing a large market share of the FHA mortgages in Woodbridge. Westar Mortgage happened to be ranked first in all of Prince William County for FHA purchase mortgages in the first half 2007. During that period, Weststar only originated 6 FHA purchase mortgages and all lenders originated 61. Now those numbers are surpassed in a single month just within Woodbridge. This reveals another big positive change in an otherwise dismal mortgage and housing market.

3 comments:

Anonymous said...

http://www.merchantcircle.com/business/WestStar.Mortgage.918-742-9300

http://www.mortgage-lenders-plus.com/mortgage/virginia-mortgage-lenders.html

http://www.naymz.com/search/brandi/fugate/1544303

http://kerarealty.com/content/view/13/43/

Dave said...

I don't see your point about "positive change in an otherwise dismal mortgage and housing market"

The housing market dismal for sure! The FHA mortgages are more good money chasing assets that are rapidly declining. Its more leverage on dismal assets!

Patrick said...

Thanks for the update!!! Wow, awesome real estate blog.

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