But recent changes, such as higher mortgage insurance premiums, should bolster the reserve, with $5.8 billion in fees expected in fiscal year 2011, up from $2 billion this year.
Meanwhile, the FHA had to pay out insurance claims on 47 percent more loans in October and November compared to the same period a year earlier.
Foreclosures are also up 26 percent from a year ago, but the majority are probably tied to older vintages.
Additionally, the average credit score at the FHA has risen from 630 to 690 in the past two years as the borrower profile shifted in the wake of the mortgage crisis.
That should be a plus for the FHA, along with the prospect of a housing bottom in the near future.
In recent months, the FHA has also cracked down on a number of bad lenders, those with higher-than-normal default rates or unsavory business practices.
Check out the delinquency chart below if you like pictures:
(top photo: 顔なし)