Home purchase applications for new construction increased by 11 percent during the month of October. The states with the highest share of applications for new builds included Texas, Florida and California with a 9.5 percent increase, 9.3 percent increase and 4.6 percent increase respectively.

This information was released in the Mortgage Bankers Association's Builder Application Survey. The MBA also found in the survey that conventional loans accounted for 67.5 percent of applications, FHA loan accounted for 17.8 percent of applications, VA loans accounted for 13.8 percent of applications and RHS/USFA loan accounted for 0.9 percent of applications. The size of loans for new construction homes also increased as the number of applications increased, rising to $294,480 from $289,650. If you are in the market to purchase a new home, Prospect Financial Group, Inc. has a variety of affordable new home purchase loan options. Give our purchase experts a call today at 858-605-0952 to explore your options.