topic Re: America Funding Loans in Mortgage Loans

America Funding Loans

Anonymous — Mon, 01 May 2017 20:11:28 GMT

Hello,

Has anyone heard anything about America Funding Loans? I haven't been able to find any first hand information, good or bad, regarding this lender. I keep seeing their Facebook ads stating to be an alternative lender that looks at your ability to repay, from beyond the scope of your FICO score and credit history. Just a basic bio on LendingTree, but no reviews. Nothing on Zillow, not even a Yelp review! It always creeps me out in this day and age when you can't find anything on a company besides what they publish on their website.

Re: America Funding Loans

StartingOver10 — Tue, 02 May 2017 02:00:08 GMT

@Anonymous wrote:
Hello,

Has anyone heard anything about America Funding Loans? I haven't been able to find any first hand information, good or bad, regarding this lender. I keep seeing their Facebook ads stating to be an alternative lender that looks at your ability to repay, from beyond the scope of your FICO score and credit history. Just a basic bio on LendingTree, but no reviews. Nothing on Zillow, not even a Yelp review! It always creeps me out in this day and age when you can't find anything on a company besides what they publish on their website.

Personally, I have never heard of it and I can't find them on the web either - just like you.

One of the red flags I see is that they are on Lending Tree, which has no screening to see if the lender is legitimate or not. I am not a Lending Tree fan at all - especially for mortgages. They are even brand new to Lending Tree.

Their own website is not professional at all.

Another red flag (to me) is that it is a very generic name and it isn't "quite right" (grammatically).

Do your research, like you are now. I would not want to be a guinea pig for a scammer on a mortgage. There are plenty of great lenders that have verifiable reputations. That is who I would use. JMO.

Re: America Funding Loans

Anonymous — Mon, 08 May 2017 22:12:56 GMT

Thank you for your reply!

I decided to do some footwork, so I gave them a call. As far as new purchases, they offer VA, FHA, and conventional loan products. For VA and FHA, they are able to go as low as a 550 FICO score. The LO I spoke with said that while they do look at your FICO score, it doesn't carry as much weight in the decision as it would other lenders. He also stated they can render a decision and close within days... like in under a week!

The timeframe does sound like a dream, but I would much rather wait a few months to work on improving my credit profile and making myself more marketable for a more renowned lender. As much as I want to take advantage of the abundance of summer inventory in my area, I would feel much more at ease working with a company that has a more established presence in the industry.

I hope that helps someone that is out there looking for more information on this mortgage lender.

Re: America Funding Loans

Anonymous — Mon, 08 May 2017 22:40:16 GMT

Their LinkedIn page says they specialize in "Non-Qualified and Alternative Lending products". During the past housing bubble, hundreds of lenders like this came into existence and really hurt a lot of borrowers who were NOT capable of maintaining a loan.

These companies sell loans packaged to investors, and the loans are typically high interest rate and sometimes adjustable rates that lead to foreclosure quickly.

If your score doesn't qualify you for a qualified standard loan, be very very suspicious. Just getting a loan you can afford for 2-3 years doesn't help if you're crushed by higher payments later.

I would say work on rebuilding, get your scores in the 650+ range which you CAN do in a year or less, and qualify for a regular loan.