Banks Compete for FHA Borrowers
CHARLOTTE, N.C., July 29, 2008 – Starting today, customers of LendingTree can submit a loan request when looking for an FHA-insured loan and have banks compete for their business. To launch the new offering, LendingTree is also debuting a one-of-a-kind FHA tool that helps borrowers determine whether or not they may be FHA eligible prior to looking for loans.
The new, no obligation FHA tool found here: www.lendingtree.com/fha-loans.asp, helps users discover their FHA loan eligibility by taking into account FHA qualifying criteria including county loan limits, as well as loan-to-value ratios. Then, once a customer is ready to move forward and start shopping their loan, they can complete a LendingTree loan request and have lenders compete for their business.
“We’ve discovered that most borrowers are unaware of FHA-insured loans and what it takes to actually qualify for one,” says Nicole Hall, editor in chief of the LendingTree Smart Borrower Center. “In light of recent news regarding the surging popularity of FHA loans, we’ve set out to make the eligibility process for an FHA-insured loan a lot easier to do. The new FHA loan tool, together with our marketplace model of competing banks, provides borrowers a great package of tools and competitive offers that will help them shop for a loan in today’s market.”
FHA loans can be used to buy a home or refinance an existing mortgage. Traditionally, FHA-insured loans have been seen as an alternative for lower-income borrowers, borrowers with low down payments or those with shaky credit histories. But now even well-to-do borrowers in affluent housing markets are looking into the availability of FHA loans.
LendingTree provides customers the option to shop their lending needs from more than 250 competing lenders from across the country. Both big and small, LendingTree marketplace lenders compete for borrowers business by providing real offers to customers for home loans such as new purchase mortgage, refinance and home equity, as well as personal and auto loans. The new FHA eligibility tool joins other easy-to-use loan calculators in the LendingTree Smart Borrower Center.
About LendingTree, LLC
LendingTree, LLC is the nation’s number one online lending exchange, providing a marketplace that connects consumers with multiple lenders that compete for their business. Since inception, LendingTree has facilitated more than 23 million loan requests and $185 billion in closed loan transactions. LendingTree provides access to mortgages and refinance loans, home equity loans/lines of credit, auto loans, personal loans and credit cards via www.lendingtree.com and 800-555-TREE.
Launched in 1998 with headquarters in Charlotte, North Carolina, LendingTree, LLC also owns and operates LendingTree Loans sm, LendingTree Settlement Services, LLC, GetSmart®, and HomeLoanCenter.com. LendingTree, LLC is an operating company of IAC (NASDAQ: IACI).