Pennsylvania is announcing a change in procedure for the review of 502 Single Family Guaranteed Program loan files.
Beginning on July 7th, GRH program files will no longer be reviewed by Pennsylvania staff. A newly established National Office team, comprised of top specialists from around the country, will review and issue Conditional Commitments and process Loan Note Guarantees. The process of reviewing files and the rules for doing so will not alter in any way, and this team is expected to fully maintain 48hr turn times on complete files. This should have no effect on how you do business and in fact is expected to improve processing times over the course of the year and maintain better consistency in interpretation and application of our rules and regulations.
With this adjustment there is also a change of email address for your contact with the processing team and to run questions and scenarios: firstname.lastname@example.org
Please be aware that we do not expect any disruption in service and only an adjustment in contact information for the new team of specialists. The Pennsylvania staff will still be available for general assistance and happy to assist with any of your training needs.
Have you heard about our Streamlined-Assist Refinance Program?!?!
Streamlined Assist Refinance enables borrowers’ current on their mortgage to refinance without an appraisal, a credit report, or the need to calculate debt-to-income ratios. This is a great opportunity for our borrowers to reduce their interest rates and increase their cash flow. Some families have saved as much as $600 per month!
Streamlined-Assist Refinance Highlights
No new appraisal/inspections required
No credit report required
No debt-to-income calculations required
Previous 12 months of mortgage payments paid as agreed
New loan term must be 30 years (no more/no less)
Maximum loan amount = principal loan balance + one-time upfront GRH fee + eligible closing costs
$50 or greater reduction in new PITI (including annual fee) as compared to current PITI payment
Streamlined-Assist Refinance loans must be manually underwritten and may not be submitted through GUS. Please submit all streamlined-assist refinance questions and applications to PAGRH@pa.usda.gov. Please e-mail us for a copy of the new Guaranteed and Section 502 Direct Loan Refinance Options quick guide!!