Lending Tree, can it really be that cheap to get a mortgage ?

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Approval: Rural Development officials should make a decision within 30 days of the Rural Development office's receipt of the application.

Basic Instruction: 7 CFR Part 3550 and HB-1-3550

Section 502 Guaranteed Loan Program:

1. Section 502 loans are primarily used to help low-income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home, or to purchase and prepare sites, including providing water and sewage facilities.

Eligibility:

Applicants for loans may have an income of up to 115% of the median income for the area. Area income limits for this program are here. Families must be without adequate housing, but be able to afford the mortgage payments, including taxes and insurance. In addition, applicants must have reasonable credit histories.

Approved lenders under the Single Family Housing Guaranteed Loan program include:

Any State housing agency;

Lenders approved by:

HUD for submission of applications for Federal Housing Mortgage Insurance or as an issuer of Ginnie Mae mortgage backed securities;

the U.S. Veterans Administration as a qualified mortgagee;

Fannie Mae for participation in family mortgage loans;

Freddie Mac for participation in family mortgage loans;

Any FCS (Farm Credit System) institution with direct lending authority;

Any lender participating in other USDA Rural Development and/or Farm Service Agency guaranteed loan programs.

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Lending Tree, can it really be that cheap to get a mortgage ?

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