Eagle Home Mortgage, which operates an office in Walla Walla, will participate in the U.S. Department of Agriculture’s Rural Home Loan Refinance Pilot Program.
The program makes refinancing faster and more affordable for homeowners with existing USDA Rural Home Loans.
The end result for those who qualify: the chance to refinance without the cost of an appraisal. Also under the pilot program, closing costs and up-front loan guarantee fees can be financed into the loan amount up to certain loan-to-value limits. Borrowers must be current on their existing USDA loans with their last 12 consecutive payments made on time. Employment verification is not required, though there are certain income and geographic limitations. Loans seasoned fewer than 12 months are ineligible.
“We are excited to be one of a select group of lenders in the US to offer this streamlined refinance program which allows current USDA homeowners the opportunity to take advantage of our low interest rates,” Tom Shaw, Walla Walla branch manager of Bellevue-based Eagle Home Mortgage, said in a prepared statement. “These lower rates over time could potentially save borrowers hundreds if not thousands of dollars in reduced monthly payments.”
The local office is at 47 E. Main St. For more details, call 522-1900.