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14.01.10 » New Good Faith Estimate (GFE) and HUD-1 for Home Buyers

Hi folks,

Effective 01-01-2010 the Department Of Housing and Urban Development (HUD) requires lenders to use a NEW Good Faith Estimate (GFE) form. This is a good thing for prospective property buyers who need financing. The new form strives to make loan costs more transparent for buyers and it includes a Loan Shopping Chart so that buyers can shop lenders and compare apples to apples with regard to loan costs across several lenders.  Read more... (355 words, 1 image, estimated 1:25 mins reading time)