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Key Questions:

    1. How at risk is Virginia to the subprime mortgage crisis?
    1. Loans taken out by home owners in Virginia are within a +/- 10 percent band of the national average. That is to say, Virginia will likely be affected by the subprime mortgage crisis just like the average county in the US.
    2. How stretched will home owners in Virginia be in paying off their mortgage?
    1. Homeowners in Virginia borrowed an average of 2.04 times their annual income for their mortgage. This compares to 1.83 for all of the US. Based on the national average, there will be a normal risk that Virginia homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Virginia?
    1. The leading lenders, by market share, are Countrywide Home Loans, Wells Fargo Bank, Na and Bank Of America, N.A.. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Virginia to actually live in them?
    1. 91.6% of home owners in Virginia that applied for a mortgage in 2006 live in their homes versus owning them as an investment property. This compares to the national average of 89.0%.
2006 Mortgage Research Virginia US
Total Applications 995,568 33,304,682
Average Loan $201.5k $184.9k
Loan to Income Ratio 2.04 1.83
Subprime Loans 11.67% 11.98%
Refinancing Loans 53.97% 50.05%
Principal Dwellings 91.60% 88.97%
Rejected Applications 9.89% 12.36%
Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 6.19% 61,639
2 Wells Fargo Bank, Na 3.81% 37,917
3 Bank Of America, N.A. 3.00% 29,862
4 Suntrust Mortgage, Inc 2.98% 29,669
5 Beneficial Company Llc 2.70% 26,865
6 Countrywide Bank, N.A. 2.40% 23,858
7 Wachovia Bank 2.25% 22,395
8 Bb&T Of Va 2.11% 20,968
9 Citimortgage, Inc 2.02% 20,140
10 National City Bank 1.98% 19,713
 

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