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Home Buyers Benefit From Government Loan Programs
Lending.com Approved as Direct Endorsement Lender
| Source: lending.com
DALLAS, TX--(Marketwire - April 3, 2008) - National mortgage bank lending.com is now a
Direct Endorsement lender with the Department of Housing and Urban
Development (HUD), a designation that better enables companies to offer
unique government loan programs to consumers.
The Direct Endorsement program gives lenders the privilege to directly
offer government insured loans to customers without prior HUD review. This
privilege is afforded to a small number of mortgage companies who have
continuously demonstrated the ability to originate loans in compliance with
HUD underwriting guidelines and policies.
"This is more than just HUD's recognition of our good business practices,"
says Carrie Kelleher, chief operating officer of lending.com. "This is yet
another tool that allows us to respond to our customers quickly and with a
greater number of flexible loan programs."
As conventional banking institutions tighten loan qualifications in
response to the sub-prime crisis, government programs become increasingly
attractive to consumers, especially first-time buyers and those looking to
refinance.
"People are concerned they're not going to be able to take advantage of the
great rates that are out there today," says Kelleher. "There is a strong
tendency to refinance now and government programs have stepped in where
private markets are still a little gun shy."
To date, the Federal Housing Administration (FHA) has 4.8 million insured
single family mortgages in its portfolio. In addition to standard FHA
loans which offer easy qualifying guidelines, minimal closing costs and low
down payments there are also programs that offer no down payment options.
"Consumers are looking for alternatives today," says Kelleher. "The market
is pushing buyers to explore their options and they are becoming more
intelligent in how they purchase which makes the Direct Endorsement
approval significant."
Learn more about FHA programs and other lending options at:
http://www.lending.com.