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FHA and VA loan applications roseto 35.9 percentf in June, up from 25.7 percent a month earlie r and 27 percent a year earlier. Since the MBA survey'sz inception in January 1990, the lowest recorded share was 5.8 percent in August 2005. The government-insuredd share of applications to purchasr homes last monthwas 38.6 percent, up from 27.8 percengt one year ago. Thosed applications have averaged 36.6 percent to compared to an averageof 21.8 percent durinyg the same period last year. The low pointg was in August 2005 when itwas 6.8 the MBA reported.
"A primary reasonh government-insured loans have retained a high sharw of the purchase market is that these loans typicallty require lower down payments thanconventional loans," Orawin MBA's associate VP of economicv forecasting, said in a news "In addition, lending standards tend to be tighter for conventional loans, especially for loans that require privat e mortgage insurance."
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