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| Location |
Alger County MI
• Apply Here |
| Year | 2008 |
| Data Years (click a year for detail) | 2003 2004 2005 2006 2007 2008 |
| Total Number of Mortgage Applications | 309 |
| Total Amount of All Mortgage Loans Applied For | $36,444,000 |
| Average Mortgage Loan Amount Applied For | $117,000 |
| Highest Mortgage Loan Amount Applied For | $990,000 |
| Average Applicant Income | $69,000 |
| Highest Applicant Income | $885,000 |
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| Home Improvement |
32 | $2,008,000 |
$62,000 | $247,000 |
$71,000 | $463,000 |
| Home Purchase |
66 | $7,226,000 |
$109,000 | $417,000 |
$84,000 | $762,000 |
| Refinancing |
211 | $27,210,000 |
$128,000 | $990,000 |
$64,000 | $885,000 |
|
| American Indian or Alaskan Native |
11 | $873,000 |
$79,000 | $186,000 |
$41,000 | $96,000 |
| Asian |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Black or African American |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Hispanic |
1 | $94,000 |
$94,000 | $94,000 |
$31,000 | $31,000 |
| Native Hawaiin or Other Pacific Islander |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not applicable |
20 | $2,680,000 |
$134,000 | $293,000 |
$3,000 | $35,000 |
| Not Provided |
20 | $3,170,000 |
$158,000 | $990,000 |
$94,000 | $885,000 |
| White |
257 | $29,627,000 |
$115,000 | $525,000 |
$74,000 | $762,000 |
|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
244 | $28,952,000 |
$118,000 | $990,000 |
$76,000 | $885,000 |
| FHA-insured (Federal Housing Administration) |
53 | $6,367,000 |
$120,000 | $274,000 |
$45,000 | $147,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
9 | $707,000 |
$78,000 | $124,000 |
$32,000 | $65,000 |
| VA-guaranteed (Veterans Administration) |
3 | $418,000 |
$139,000 | $234,000 |
$20,000 | $45,000 |
|
| Application Approved But Not Accepted |
21 | $2,933,000 |
$139,000 | $359,000 |
$90,000 | $463,000 |
| Application Denied By Financial Institution |
56 | $5,442,000 |
$97,000 | $300,000 |
$60,000 | $378,000 |
| Application Withdrawn By Applicant |
27 | $3,132,000 |
$116,000 | $280,000 |
$63,000 | $168,000 |
| File Closed For Incompleteness |
8 | $1,322,000 |
$165,000 | $525,000 |
$80,000 | $140,000 |
| Loan Originated |
156 | $18,560,000 |
$118,000 | $990,000 |
$77,000 | $885,000 |
| Loan Purchased By The Institution |
41 | $5,055,000 |
$123,000 | $275,000 |
$40,000 | $244,000 |
| Preapproval Approved but not Accepted |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Preapproval Denied by Financial Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
|
| Collateral |
8 | $1,040,000 |
$130,000 | $268,000 |
$70,000 | $108,000 |
| Credit Application Incomplete |
2 | $197,000 |
$98,000 | $99,000 |
$125,000 | $157,000 |
| Credit History |
15 | $963,000 |
$64,000 | $150,000 |
$42,000 | $117,000 |
| Debt-To-Income Ratio |
6 | $402,000 |
$67,000 | $101,000 |
$35,000 | $67,000 |
| Employment History |
2 | $327,000 |
$163,000 | $195,000 |
$98,000 | $110,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
2 | $335,000 |
$167,000 | $300,000 |
$212,000 | $378,000 |
| Unverifiable Information |
4 | $595,000 |
$148,000 | $274,000 |
$115,000 | $147,000 |
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