Tight credit conditions also appear to be part of the story for FHA-insured loans. In the Federal Reserve’s October 2012 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS), one-half to two-thirds of respondents indicated that they were less likely than in 2006 to originate an FHA loan to a borrower with a credit score of 580 or 620 (figure 11).
Standards have tightened a bit further since: In the April 2013 SLOOS, about  6  Staff calculations suggest that the FHA and VA market share dipped a bit in 2012 but remained quite elevated.