In its fiscal-year 2014 budget, the Department of Housing and Urban Development is looking to increase spending by 10 percent. HUD also outlined statistics for government-insured mortgages.
The Federal Housing Administration has insured more than 40 million mortgages since its inception in 1934. In addition, 53,000 multifamily mortgages have been insured by FHA.
Market share for FHA soared from a low of 3.1 percent in 2005 to a peak of 21.1 percent in 2010. As of the third-quarter 2012, FHA market share had fallen to 13.9 percent.
For fiscal-year 2014, HUD is requesting $400 billion in loan guarantee authority for the Mutual Mortgage Insurance Fund, according to HUD’s Fiscal-Year 2014 Program and Budget Initiatives released Wednesday. The amount is expected to insure around 1.2 million loans.
In addition, HUD is request $30 billion in loan guaranty authority for the General and Special Risk Insurance Fund. Around 156,000 multifamily units and 80,600 healthcare facility beds are expected to be financed from the loans.
HUD also is requesting $500 billion in Ginnie Mae loan guaranty authority.
HUD said that Ginnie has guaranteed more than $4.4 trillion in mortgage-backed securities since its inception in 1968.
Ginnie’s issuance last year financed more than 1.7 million housing units, including 200,000 rental units.
HUD proposed a fiscal-year 2014 budget of $47.6 billion, an increase of 9.7 percent from the 2012 enacted level.
