Where does Lenda do business?
Lenda is a direct lender based in San Francisco, CA. The company was founded in 2012 and offers mortgages to borrowers in 12 states.
How much can you borrow via Lenda?
Lenda allows borrowers to apply for loan amounts of up to $2,500,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.
What is the maximum loan term you can get with Lenda?
Lenda offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What range of rates does Lenda offer?
Lenda offers home loans with APRs starting at 4.274% and up to 4.274%.
What is the estimated funding time for a home loan via Lenda?
Lenda will typically approve (or deny) a mortgage application within 48 hours and fund mortgages within 7 and 14 days of approval.
Does Lenda charge a mortgage origination fee?
No, Lenda does not charge a mortgage origination fee.
Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Lenda charge prepayment fees?
No, Lenda does not charge prepayment fees. This means you will not have to pay additional fees if you decide to repay the mortgage early.
What mortgage programs does Lenda offer?
Lenda offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
- Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
What property usage types does Lenda allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Lenda allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- Employed Full-Time
- Employed Part-Time
- Primary Home
- Secondary Home
- Multi-Family Home
- Single Family Home
- Proof of Identity
- Proof of Income
- Proof of Residence
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)