Tuesday, July 14, 2009

Jumbo Size FHA Mortgages

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!

1 comment:

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