From time to time, I am asked questions about the FHA program or FHA loans by various people such as:
- “How long does it take to fund an FHA loan?’
- “What is an average FICO score for someone who gets an FHA loan?”
- “Is the Hope for Homeowners program real?”
- “How come I have never heard of the 203k streamline program?”
I am sure there are many places to get the answers to the above questions, but one quick place to find these answers is on HUD’s website under the FHA Outlook section – the answers below came from their most recent, early-November FHA Outlook report:
What is an average FICO score for someone who gets an FHA loan?
For people who were buying a home with an FHA loan, the average FICO score for the first 2 weeks in November was 693.
For people who were refinancing a home with an FHA loan, the average FICO score for the first 2 weeks in November was 662.
How long does it take to fund an FHA loan?
For the first 2 weeks in November, it took an average of about 5.5 weeks from application to closing.
How come I have never heard of the 203k streamline program?
Probably because it is not done very often. There were 628 of them done in the first 2 weeks of November.
Is the Hope for Homeowners program “real”?
In the first 2 weeks of November, for the 40k or so refinance transactions that were done, 69 were Hope-for-Homeowners cases. 40,000 FHA refinances… 69 Hope for Homeowners. Does that answer your question?
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