Rarely used in earlier years when credit was more accessible, the FHA 203(k) program has seen a renewed interest this year. Perhaps in response to the shortage of capital available for home equity lines of credit (HELOCs) and other home improvement loans, interest has grown in the FHA's 203(k) loan program, according to Richard Bradley, credit policy specialist with the U.S. Department of Housing and Urban Development. This year, there has been a 115 percent increase in FHA 203(k) loans. At the present rate, 8,000 FHA 203(k) loans may be made in 2008.
|
Number of 203(k) Loans Per Fiscal Year
|
|
Year
|
# of Loans
|
|
1996
|
19,555
|
|
1997
|
17626
|
|
1998
|
13656
|
|
1999
|
11940
|
|
2000
|
11468
|
|
2001
|
8209
|
|
2002
|
6903
|
|
2003
|
4950
|
|
2004
|
4162
|
|
2005
|
2959
|
|
2006
|
2814
|
|
2007
|
3477
|
|
2008
|
2191
|
Data is current as of March 31, 2008.