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According to a survey recently taken by the Home Buying Institute, FHA home loans are now the most popular way to finance a purchase. In fact, it reported that about 87 percent of prospective homebuyers plan to use this type of mortgage to finance their next home.

Participating respondents surveyed, 53.8 percent said they wanted to use an FHA home loan for the smaller down payment, 19.2 percent said they thought the overall qualification process would be easier, 13.5 percent said they previously had trouble qualifying for a conventional loan, 7.7 percent said they had low credit scores and 5.8 percent felt their income was too low to qualify for a regular loan. FHA's market share has already grown considerably in recent years. In the first quarter of this year, almost half of all homebuyers used an FHA mortgage to purchase a home.

Our First Priority Financial branch currently is utilizing FHA loans and it equates up to 70% of their borrowers for the Stockton - Lodi area.