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| *Loan,banking and credit>>>mortgage loan |
What are the pros/cons of an EA3 loan through a mortgage company? |
What are the pros/cons of an EA3 loan through a mortgage company? EA3 is a term used by an automated underwriting system set up by Fannie Mae. It is called DU. Good side is you get your loan. Bad side is that you are going to pay more because you are a higher risk. Could be bad credit, no assets (401k, checking, savings, stocks, bonds, ira, etc.), financing 100%. Because your the increased risk you are paying a higher rate and cost. I would ask your lender about a fully underwritten loan. You need a 620 credit score to get one, but if you have that, it might be a better way to go. If you have any questions you can email me at lavautem@yahoo.com Source(s): Loan Officer Pro~You get money now! Con~You have pay back that money later!. |
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