Question about mortgage loan??

[Craig S.]

Hello,

I am gearing up to purchase my first deal--a duplex.

I am going to be owner occupying the property (living in one unit and renting the other) so I can obtain FHA financing.

I have been on the search for a good lender and came across a company called iFreedom Direct (http://www.ifreedomdirect.com). They are a direct lender and make all the underwriting decisions in house which also speeds up the process they say to about 3 weeks from the time they have a completed mortgage app. They dont say much about themselves or their process on their website, this is the best page about their FHA program: https://www.ifreedomdirect.com/home/hud-fha-program

They don't charge an application fee which my local bank is charging $550, so I save $$ there. Their FHA interest rate is about 3.8%. The processing time is only 3 weeks (they say) as opposed to 45 days with my local US Bank. The only downfall is that they sell the mortgage to another 3rd party or investor (is this a bad thing?).

I just wanted to get advice from someone else and see what you think of the deal with iFreedom as opposed to going with a traditional bank? What would be some good alternatives of this doesn't sound like a deal?

Please let me know!
Craig