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FHA Added to E-Loan Menu
By Brad Finkelstein
PLEASANTON, CA-The latest company to jump on the Federal Housing Administration bandwagon is E-Loan here.
The company is now offering FHA-insured loans as part of its product menu.
"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 Mark Lefanowicz, president.
"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."
E-Loan is a subsidiary of a New York State-chartered bank, Banco Popular North America.
According to the company's website, E-Loan does not offer FHA mortgages in the District of Columbia, New Mexico or West Virginia.
"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."
Back in November 2007, the ultimate parent of E-Loan, Popular Inc., announced a restructuring of the company which included a newly placed emphasis on originating loans that meet the secondary market standards for purchase by one of the government-sponsored enterprises.
The following month, continued problems in the credit market led the company to hold back originations of home equity lines of credit, closed-end second lien mortgage loans and auto loans.
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