E-LOAN to Offer FHA Loans

[Apr 2, 2008.]

 

The financial services company known as E-LOAN is offering FHA loans as a reaction to the tightening credit market.

Officials with E-LOAN say, "Unfortunately, we are seeing an unprecedented number of homeowners being forced to foreclosure on their homes because they cannot afford their newly adjusted mortgage interest rates. 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."

FHA loans are becoming more popular in the wake of tightening credit standards and declining home values. With FHA loans, down payments can be as low as 3%. In addition, down payments can be gifts from a relative. With FHA loans, borrowers can refinance from high adjustable rate loans and lock into low, fixed-rate loans. The loans are also federally insured and are particularly appropriate for 1st-time borrowers.

As E-LOAN officials have stated, "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. It is also ideal for borrowers with adjustable-rate mortgages that are getting ready to reset into a higher rate."

E-LOAN calls itself a "nationwide financial services company dedicated to providing consumers with a simple, easy and open way to obtain mortgage, auto loans, home equity loans, and online savings and certificate of deposit accounts."

Since it began in 1997, E-LOAN has gained a reputation for improving lending in innovative ways. Studies indicate that E-LOAN ranks as one of the top 20 most trusted companies for privacy in America today. Since it began, E-LOAN has funded more than $32 billion in mortgage and consumer loans.

Meanwhile, industry experts say they don't expect the troubled housing market to turn around until the middle of this year.

Julie Ann Amos
April 2nd 2008

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