Government-insured mortgages skyrocket - South Florida Business Journal:

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FHA and VA loan application s roseto 35.9 percent in up from 25.7 percent a month earliee and 27 percent a year earlier. Sincee the MBA survey's inception in January 1990, the lowest recorded share was 5.8 percenr in August 2005. The government-insured shares of applications to purchase homes last monthhwas 38.6 percent, up from 27.8 perceny one year ago. Thosre applications have averaged 36.6 perceng to date, compared to an averag of 21.8 percent during the same periodlast year. The low pointr was in August 2005 when itwas 6.8 the MBA reported.
"A primar reason government-insured loans have retained a high share of the purchase market is that thesed loans typically require lower down payments than conventional Orawin Velz, MBA's associate VP of economifc forecasting, said in a news release. "In addition, lendingy standards tend to be tighter forconventional loans, especially for loans that requirwe private mortgage insurance.
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