Lending Tree, can it really be that cheap to get a mortgage ?
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Terms: Loans are for 30 years. The promissory note interest rate is set by the lender.
There is no required down payment. The lender must also determine repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt.
Standards: Under the Section 502 program, housing must be modest in size, design, and cost. Houses constructed, purchased, or rehabilitated must meet the voluntary national model building code adopted by the state and HCFP thermal and site standards. New Manufactured housing must be permanently installed and meet the HUD Manufactured Housing Construction and Safety Standards and HCFP thermal and site standards. Existing manufactured housing will not be guaranteed unless it is already financed with an HCFP direct or guaranteed loan or it is Real Estate Owned (REO) formerly secured by an HCFP direct or guaranteed loan.
Approval: Rural Development officials have the authority to approve most Section 502 loan guarantee requests.
Basic Instruction:7 CFR Part 1980.
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Lending Tree, can it really be that cheap to get a mortgage ?Remember the old saying "if it sounds to good to be true, it is"
Lending Tree, can it really be that cheap to get a mortgage ?Any bank or broker can take your loan to investors who lend at higher rates, and thus _pay us_ (I'm a broker/banker) more, because a higher rate is more valueable to the bank. This is superior for short-term plans (i.e. less than 4 years). If you intend to hold this property for some time, instead focus on the rate, not so much on the fees.
Lending tree mostly just sells leads, though in a few states they're the direct lender - but no better than a competent professional who relys on referrals more than advertising.
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