Countrywide Unveils 'Fast & Easy' Loan

Countrywide Home Loans Inc., Calabasas, Calif., has announced a new program to streamline home loan applications.Countrywide's Fast and Easy Loan for single-family, detached homes allows homebuyers with solid credit histories and homeowners who want to refinance to apply for a loan without providing documentation of income or assets. To apply, a borrower provides only basic information on salary, financial assets, and debts (no documentation necessary); authorizes Countrywide to verify credit information; and provides personal identification prior to loan closing. The product is a conforming, fixed-rate loan available for terms of 10, 15, 20, 25, and 30 years. It requires a at least a 10% downpayment.