The Federal Housing Administration has ensured $144 billion in single-family loans in the first half of the 2009 fiscal year. Compared to the first half of 2008, this figure is up 169% - a sure sign of good news. The Federal Housing Administration provides mortgage insurance on loans made by FHA-approved lenders. As the largest mortgage insurer in the world, an obvious increase in insured loans is a good indicator of the state of the mortgage industry as a whole.

As of March 31, FHA reported a serious default rate of 7.08%, which is the percent of borrowers more than 90 days past due. In September, this rate was 6.91%, so the number of borrowers defaulting on their loans has increased slightly – although that increase may be an expected result given the increase in borrowing.

In March, FHA insured $25.4 billion in single family homes, including $15.3 billion in refinancing. This indicates that current conditions and encouragement to refinance seem to be working, and homeowners are taking advantage of the opportunity to save money.

Join the ranks of those taking advantage of this unprecedented opportunity to save on your monthly mortgage payments by inquiring about an Idaho refinance loan today. If you’re a new homebuyer, there’s an Idaho home loan available that could help you achieve your dreams of home ownership. The current Idaho real estate market is a buyer’s market, meaning there are many properties to choose from and prices are currently low!

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