Click on Chart for Larger View and More Statistics
The chart above shows the monthly number of FHA mortgage originations having mortgage loan amounts of $417,000 and over(referred to as "jumbo FHA mortgages"). Several Observations:
- FHA is grabbing a larger share of the jumbo mortgage segment of the market.
- FHA jumbo refinance mortgages are outpacing FHA purchase mortgages
- The average mortgage for these jumbo FHA mortgages are now over $500,000
- The jumbo FHA are in the higher priced metropolitan areas and counties.
- The top 5 counties in the nation for FHA jumbo mortgages in 2009 are; 1) Los Angeles, CA; 2) Orange, CA; 3) San Diego, CA; 4) Kings (Brooklyn), NY; and 5) Queens, NY
- The county having the highest average jumbo FHA purchase mortgage was Marin, California ($595,000)
- The County having the highest average jumbo FHA refinance mortgage was Hunterdon, NJ ($448,000)
A one percent loan origination fee is not so bad after all!