The bottom line: There is no new 40-year home-loan product. It was all a big misunderstanding, said Brian Rugg, chief credit officer at LoanDepot.
Earlier this week, the internet was abuzz about a new type of home loan: a 40-year mortgage. Google searches for “40-year mortgage rates” spiked 450% — and searches for “FHA 40-year mortgage 2023″ jumped more than 2,650%.
The bottom line is that there isn’t a new 40-year home-loan product. It was all a big misunderstanding, Brian Rugg, chief credit officer at LoanDepot, said in a statement. Also read: ‘Baby boomers have the upper hand in the home-buying market’: First-time buyers, meanwhile, struggle to get on property ladder
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