Home Funding Corp. has received Unconditional Direct Endorsement Approval from the Federal Housing Administration. This designation as a "Full Eagle FHA lender" means the bank can now originate, fund, hold, service, purchase and sell FHA-backed mortgage loans.
The big thing for a borrower about the Full Eagle designation is that it streamlines the mortgage process for applicants. Becoming a full Eagle lender makes us stand.
There is a popular misconception that FHA-backed mortgage loans are for people who have poor credit or low incomes. There really are no income restrictions and a only few guidelines on credit for FHA loans.
An FHA mortgage can also help people who do not have sufficient money to put down on the house. Saving enough for a down payment is a major deterrent to home ownership, especially in California. FHA-backed mortgages can help people get into a house with as little as three percent down.
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