Top Products / Mortgage Loan Type Stats

David · Joined: 19 May 2004 Posts: 703

Are there any stats about the top loan products that people are purchasing? (ex. a top ten list)

For example, what percent of loans are FHA loans?
What percent of loans are "all interest"?

It seems like it would be somewhat helpful to know what "everybody else" is doing, as well as knowing some of the unique options people are finding.

Haplo · Joined: 20 Jan 2005 Posts: 2406 Location: Springfield, IL

Right now in my market I'm doing about 90% government loans (FHA and VA.) With rates how they have been, it even makes sense.

Outside of my market I've done mostly standard conventional 30 year loans. Standard Amortization etc. Around here I have yet to do an interest only loan, and I generally advise against it.

We just got approval for a bond program so I have yet to see how big that is. Buyer gets 3% towards down payment and 1.25% towards origination/discount for free. There are specific requirements, but if you qualify, free money is free money. So we'll see how that works out around here. We're in a market where everyone wants 100% financing so I imagine it'll be a pretty hot ticket. (This would be on top of the 30yr fixed or fha type loans.)

Equity products seem to be backing off, mostly towards the loan (fixed) side instead of the line (adjustable.) Can't blame anyone either, with the way prime has been jumping it doesn't make any sense really.

Haven't written an ARM in quite a while either..

dsickler · Posted: Tue Oct 18, 2005 9:03 pm Post subject:

yeah, different markets do different things, and every client has different goals.

About 90% of what we do are int. only and option arms. Although the fha loans do offer alot of down payment asssitance programs, we don't do very much of them.

David