Online lending exchange Lending Tree LLC has debuted a Federal Housing Administration (FHA) tool designed to help borrowers determine whether or not they may be FHA-eligible prior to looking for loans. Customers of LendingTree can now submit a loan request when looking for an FHA-insured loan and have banks compete for their business.
The new tool takes into account FHA qualifying criteria – including county loan limits – as well as loan-to-value ratios.
‘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.’