What type of loans are buyers doing these days?
Feb 17th, 2010 by Mason
I combined the 2009 FMLS sales data from the Single Family category and the Condo/Townhome categories and then broke it out by zip code. I then created the following graphs based on what was reported to FMLS by the listing broker for each sale. Hopefully the following brief definitions will help you if you are not familiar with some of the financing types:
- FHA - loans that are insured by the Federal Housing Administration (currently the lowest down payment requirement offered to the general public with a minimum of 3.5%
- Conventional Insured - a loan originated by a conventional lender that is insured through private mortgage insurance also known as PMI (down payments of 5% or more but less than 20%)
- Conventional Uninsured - a loan originated by a conventional lender which did not require private mortgage insurance (down payment of 20% or more)
- VA - loans that are guaranteed by the U.S. Department of Veterans Affairs (veterans can borrow up to 100% loan to value without being required to purchase PMI)
