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Just in case you woke up one morning recently wondering what the characteristics of the typical FHA transaction were in 1989, wonder no more.

The U.S. Department of Housing and Urban Development has analyzed state-by-state the more than 500,000 cases in its data bank which were insured by FHA during calendar year 1989. For New York State, the 1989 FHA deal had the following characteristics.

The borrower, who was purchasing the property for his primary residence, was a married white male 32.13 years of age, whose spouse was 30.62 and who had 1.94 dependents.

This family, which represented first-time home buyers, had a monthly income of $3,175.35 and total assets available for closing in the amount of $9,689. The borrowers' total investment in the transaction was $5,561.

The property involved in our typical transaction was a two-story single-family detached home approximately 14 years old.

Constructed with a garage, the house had 1,308 square feet of improved living area consisting of 6.06 rooms, including 3 bedrooms and 1.25 bathrooms. The structure contained central air conditioning and a heating system fueled by natural gas.

The site of the home, located in a generally suburban area, consisted of approximately 9,980 square feet and had a market value of $10,888. The indicated site price per square foot of $1.56 placed New York State below the national average of $2.10 per square foot, and significantly less than the District of Columbia's $6.80 per square foot.

Similarly, the average 1989 construction cost in New York for FHA deals was $44.95 per square foot, about $3 higher than the national figure. Likewise, the $54.20 sales price per square foot was $1.65 above the national average.

Financing of the home involved a 29-year mortgage of $64,032, which represented a loan-to-value ratio of 88.75 percent. The interest rate on the loan was 10.56 percent and was supplemented by discount points equating to $492. Closing costs amounted to $2,216.

The resultant total monthly mortgage payment for our typical FHA transaction was approximately $750. The major components of this aggregate amount were principal and interest ($595), taxes and special assessments ($116) and hazard insurance ($28).

The typical FHA home buyer must be very satisfied with the terms available under this popular federal mortgage insurance program, for cases continue to be endorsed in record volume.

In fact, FHA-insured mortgage financing now represents an approximate 20 to 25 percent share of the primary mortgage market nationwide.

Robert A. Rifenberick is director of housing development for the Buffalo office of HUD and is responsible for the delivery of all HUD housing programs in upstate New York.

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