ICBA Mortgage — an Independent Community Bankers of America mortgage subsidiary that provides secondary marketing services to members — reported yesterday that 22% of this month’s loans were insured by the Federal Housing Administration (FHA), up from last year’s 9%. 

For borrowers seeking to finance their house purchase or refinance an existing mortgage, the FHA’s programs appear a practical option, given that there’s “less flexibility in the current non-governmental mortgage sector combined with new loan standards and modernized processing options” that are making the FHA “more attractive to community bank mortgage lenders and their borrowers alike”, according to ICBA Chairman Cynthia Blankenship.

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