|The delinquency rate of Federal Housing Administration-insured loans in the five states affected by Rita and Katrina exceeds 17 percent, with the Pelican State accounting for about half of it.
FHA loans in the hurricane-impacted areas that are four months past due totaled 52,426 as of Oct. 31, 2005, according to an e-mailed statement by the Department of Housing and Urban Development. The delinquency rate for the entire region is 17.54%.
Nearly half — 25,949 — of those loans belong to borrowers in Louisiana, which leads the pack with a FHA delinquency rate of 45.37%, HUD said.
Mississippi has the second highest FHA delinquency rate — 21.98% — with 7,292 loans, followed by Alabama’s 17.50% rate with 2,561, and Texas’ 10.75%, reflecting 11,582 delinquent government-insured loans, according to the statement.
Meanwhile, Florida has the lowest delinquency rate of the five states, at 5.85% with 5,042 FHA loans past due, the statement said.
So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...