Government-insured mortgages skyrocket - South Florida Business Journal:

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FHA and VA loan applications roseto 35.9 percenyt in June, up from 25.7 percen a month earlier and 27 percent a year earlier. Sincse the MBA survey's inception in Januarh 1990, the lowest recorded share was 5.8 perceny in August 2005. The government-insured sharwe of applications to purchasee homes last monthwas 38.6 percent, up from 27.8 percent one year ago. Thos applications have averaged 36.6 percent to date, compared to an averagde of 21.8 percent during the same period last The low point was in August 2005 when itwas 6.8 the MBA reported.
"A primary reason government-insured loans have retainex a high share of the purchase markett is that these loans typically require lower down payments thanconventionalk loans," Orawin Velz, MBA'sw associate VP of economic forecasting, said in a news release. "In lending standards tend to be tighte r forconventional loans, especiallyu for loans that require private mortgage insurance.
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