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E-LOAN to Offer FHA Loans

March 27, 2008

E-LOAN will start offering federally insured Federal Housing Administration (FHA) loans to consumers as part of a response to the tightening credit market.

“Unfortunately, we are seeing an unprecedented number of homeowners being forced to foreclose on their homes because they cannot afford their newly adjusted mortgage interest rates,” said Mr. Lefanowicz. “For many, the flexible guidelines and competitive rates of these FHA mortgage loans will mean the difference between losing their homes and being able to keep their piece of the American dream fully alive.”

With home values declining across the country and access to credit increasingly difficult to come by, many Americans are finding FHA home loans to be the perfect loan option for the following reasons:

  • Down payments can be as low as 3% – perfect for someone who can afford a monthly payment but who doesn’t have a large initial payment
  • Down payments can be gifted from a relative
  • Allows borrowers to refinance out of their higher adjustable rate loans and lock into a much lower fixed rate loan
  • Loans are federally insured
  • Suitable for borrowers across all credit spectrums, especially many first time borrowers who do not have a lengthy credit history
“This is a great loan product for the millions of buyers out there struggling to find a way to buy their first home – especially in today’s ever-tightening credit markets,” said Mr. Lefanowicz. “It is also ideal for borrowers with adjustable rate mortgages that are getting ready to reset into a higher rate.”

Source: E-LOAN

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