Flexible New USDA Refinance Assist Program May Be For You!
Guild Mortgage Company is excited to introduce the NEW USDA Rural Development Streamline Refinance Assist program. USDA 100% financareas in the United States, particularly here in Hawaii. As you may already know, interest rates have been moving lower for the past few years, and until now many homeowners with a USDA loan have been unable to refinance to a lower interest rate due to certain restrictions.
Some of the restrictions were: The interest rate must be reduced by 1% or more, and the loan amount could not exceed the original loan.
Or you needed to get an appraisal and the loan amount could not exceed the appraised value plus the USDA guarantee fee.
The borrower had to qualify at more stringent income ratios than when they purchased the home.
Well relief is here. Today the borrower must save only $50 per month, and many are saving far more than that. You can include closing costs, escrows for taxes, and insurance in your loan.
This great new program does not require an appraisal. Therefore, if the equity in your home is limited, this program could be for you. Also, there is no income qualifying, though you must have a source of income. If your income has declined, or someone in your family has been out of work, or you have more debt than when you originally purchased your home, this program may be for you.
No assets are required. You don’t even need to provide bank statements as long as you are not bringing money in to close. This may sound too good to be true, but it is true! As long as you have made your most recent 12 months mortgage payments on time, your household income is not greater than the limits set for your county ($158,950 for a household with more than four people in Honolulu County), and all borrowers on your loan have minimum credit scores of 620, then most likely you qualify for this Streamline Refinance Assist Program.
For more information, please contact any Guild Mortgage Company branch: Kailua (808) 263-4622, Waikele (808) 369-7153, Hilo (808) 933-1095, Honolulu (808) 744-6420 or go to www. guildmortgage.com.
Each loan is subject to additional conditions and underwriter fi nal approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice.