FHA Loans Emerge From the Sidelines

By Dina ElBoghdady
Washington Post Staff Writer
Tuesday, June 10, 2008; Page D01

For the past few months, nearly every loan that Laura Triplett has closed for customers at SunTrust Mortgage has been backed by the Federal Housing Administration.

"I've got another 20 people closing in June and most of them got FHA loans, too," said Triplett, a branch manager at the bank's Woodbridge office. "I don't know what we'd be doing without FHA."

Demand for these once-neglected mortgages has surged because they do not require the hefty down payments or stellar credit scores that lenders have come to expect from borrowers. In addition, the amount of money people can borrow on these loans went up dramatically this year, and many homeowners have found them attractive for refinancing.

Source: Washington Post. View Article.

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