Overall, FHA and VA lending declined by 8.3% on a quarterly basis in the first quarter of 2026. FHA refi volume was up, helped by loans to existing FHA borrowers. (Includes three data tables.)
Although changes to FHA’s loss-mitigation policies are expected to resolve most of the persistent re-defaults in its portfolio, FHA borrowers continue to be the most exposed to financial stressors.
Ginnie Mae President Joe Gormley addressed how he’s been filling a dual role as temporary FHA head since Commissioner Frank Cassidy went on leave from the position in April.
Lenders turned down 22.0% of applications received for FHA loans in 2025. The rejection rate on VA mortgages was a more modest 16.1%. (Includes data table.)
The lender has tailored its strategy to help VA borrowers compete in a market where government loans are overlooked in favor of higher-downpayment conventional mortgages or cash buyers.
FHA could sustain a zero-downpayment loan option for first-time homebuyers if Congress would allow it, analysts at the Urban Institute contended in a new proposal.
The federal government in 2026 will provide $293.43 billion in loans and loan guarantees to rural households. Some $27.43 billion will come from the Rural Housing Service and $107.52 billion through FHA and VA.
Bill in House would add to IRRRL fees; FHA proposes rejecting applicants with delinquent child support obligations; FHA to automate some case number assignments for condos.
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