eDataNews

More and more lenders and institutions are rushing to become part of local counties consortiums that require strict guidelines helping to prevent predatory lending, a practice which is not only unethical but also illegal. These guidelines vary per county and are basically geared towards helping low to moderate income families to obtain a home. The very popular FHA (203K) program accomodates for the closing costs of a loan to be paid totally by a relative or a non profit institution or a local government program. The minimum required downpayment for the above loan is 3%.