Chase Policy
The USDA Rural Refinance Pilot Program includes the following components: Interest rate on the new loan must be a minimum of 1.00% lower than the existing USDA loan Pilot states now include AK, AL, AR, AZ, CA, CO, FL, GA, ID, IL, IN, KY, KS, MI, MO, MS, MT, ND, NV, NJ, NM, NC, OH, OK, OR, RI, SC, SD, TN, TX, UT, WA, WI and WV. Rural Refinance Pilot loans must be manually underwritten (GUS is not available) Borrowers may be added but not removed (unless deceased) from the current loan New term of the refinance loan must be 30 years Upfront USDA guarantee fee is 2.00% Annual Fee is 0.40% No cash out is permitted Unpaid fees to the current Servicer that may be included in the payoff may not be financed into the new loan Reasonable and customary closing costs and other fees may be collected from the borrower by the originating lender Origination fee charged to the borrower may not exceed 1% of the total loan amount whether the fee is borrower paid or lender paid New loan may include the principal balance of the existing loan, accrued interest, eligible closing costs, and the guarantee fee Fully executed RD Form 1980-21 Request for Single Family Housing Loan Guarantee is required Income verification for all adult household members is required for income eligibility determination only, not for determining repayment ability Ratio waivers are not required but please submit a completed 1008 with debt ratios calculated for compliance reporting purposes
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Identify Loans
To identify your Rural Refinance Pilot loans, clearly mark the Chase Rural Housing Closed Loan Submission Form or Chase Rural Housing Loan Submission Form as a Rural Refinance Pilot Loan upon submission to Chase. As always, for standard program questions, scenarios, or loan issues, please contact your Rural Account Executive listed below. We appreciate your continued support of the home financing needs of rural America.
AR, LA NJ, VA, WV AR, DE, IA, MD, NE, PA OH, MI KS, MN, WI
IL, MO AK, AZ, HI, ID, NV, OR, WA, WY FL, TN GA, UT, NH, VT, ME, NC CO, NM, SC, KY AL, CA CA, GA, IN TX MS, MT, ND, SD, OH, NY OK,TN, MA, CT, RI
Contact Us
Raul Murria Mindy Howard Jason Saperton Darren Russell Brandee Velez Bill Scammell Tom Davis Van Evans Jason Lucas Dwight Chin-Sang Brandon Kopp Trisha Viscardi Rob Hawkins Mark Montanus Robert Stephens
954-725-6608 954-725-6607 954-422-1254 954-422-1232 954-422-1233 954-422-1230 954-422-1210 954-422-1290 954-422-1243 954-698-1139 954-422-1266 954-671-2615 954-422-1203 954-422-1237 954-426-5808
raul.murria@chase.com mindy.a.howard@chase.com jason.s.saperton@chase.com darren.c.russell@chase.com brandee.a.velez@chase.com william.f.scammell@chase.com tom.x.davis@chase.com van.x.evans@chase.com jason.e.lucas@chase.com dwight.chin-sang@chase.com brandon.d.kopp@chase.com patricia.a.viscardi@chase.com robert.b.hawkins@chase.com mark.r.montanus@chase.com robert.e.stephens@chase.com
For real estate and lending professionals only and not for distribution to consumers. This document is not an advertisement for consumer credit as defined in 12 CFR 1026.2(a)(2). All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to change without notice. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations apply. Correspondents and Brokers should provide customers with clear and balanced product descriptions. Guaranteed Rural Housing program is available only in rural-designated areas. For eligible rural areas, contact local Rural Development office or http://eligibility.sc.egov.usda.gov 2013 JPMorgan Chase & Co.
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