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USDA lowers cost to refinance rural housing loans Kona Real Estate Management Joseph A. Garcia, BIC Christina Sotelo, BA 808-329-3121 www.konahomesandrentals.com “A small but professional father-daughter run company, (father licensed since 1972 and daughter since 2004) both Hawaii real estate brokers, specializing in long-term rentals, as well as listings and sales and home check services. Call us today for more details on how we may be of service to you.” KEAUHOU VIEW 3bed/2bath large living area MLS#292614 • $524,999 REMODELED ISLANDER INN Ground fl oor unit remodeled MLS#291841 • $104,999 KONA MANSIONS 1 bed ocean view MLS#295765 • $190,000 KONA MANSIONS 2 beds MLS#295426 • $200,000 NEW LISTINGS is the leading full-service Commercial Real Estate fi rm on the Big Island. TCG is looking for potential qualifi ed tenants as well as commercial property owners who need leasing services for their property or a Leasing Agent and Property Manager. They also offer consulting services for commercial real estate issues. Monique Peacock, (PB) • Consulting • Sales/Leasing Services • Property Management WILCOX SEED BUILDING Professional Office Spaces 325-1208 sf. Can be separate or combined www.TCGKona.com PO Box 908, Kailua-Kona, HI 96745 • Offi ce (808) 329-1111 www.TCGKona.com • e-mail: info@TCGKona.com 12 West Hawaii Real Estate | May 25, 2016 USDA Rural Housing Service Administrator Tony Hernandez has announced a series of changes that will make it faster and cheaper for homeowners to refinance USDA mortgages. “These changes reaffirm the Obama Administration’s commitment to middle-class Americans, and I am pleased that we continue to provide affordable housing to support thriving economies in rural communities,” Hernandez said. “Helping homeowners refinance their homes to reduce their monthly payments and take advantage of low interest rates will bring increased capital to rural residents and the communities where they live and work.” The changes take effect June 2 and apply to mortgages issued through USDA and those where USDA has issued a loan note guarantee. Homeowners current on their mortgages for the past 12 months will no longer be required to secure an appraisal, provide a credit report or undergo a debt-to-income calculation when they refinance for a 30-year term. These changes will save time and money. USDA began testing these changes in a 2012 a pilot program that was later expanded to include 34 states and Puerto Rico. To date, nearly 9,500 homeowners have refinanced their mortgages. Some borrowers saved as much as $600 a month. The average savings is around $150 per month. The streamlined rules are consistent with banking industry lending standards. These refinanced loans, like all USDA Rural Development housing loans, meet rigorous underwriting standards and are made only to qualified borrowers. The Department of Housing and Urban Development and Department of Veterans Affairs have similar programs for the Americans they serve. Interested homeowners with USDA loan guarantees should contact their lender about refinance procedures. Homeowners with USDA Direct loans should contact a USDA housing specialist. To learn more about USDA housing programs, contact Chris Kanazawa, Hawaii State Director, at 933-8380. “People and having from fully


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