""360 Mortgage Group,"":https://www.360mtg.com/ a Texas-based privately-owned mortgage bank, recently announced the addition of two new mortgage refinance products to its inventory.[IMAGE]
The bank now offers customers access to the Veterans Affairs (VA) Interest Rate Reduction Refinance Loan Program and the Federal Housing Administration (FHA) Non-Credit Qualifying Streamline Product.
""We strongly believe both these programs will contribute to overall recovery of the real estate market, as well as local and national economies,"" said Mark Greco, founder and president of 360 Mortgage Group.
The VA Interest Rate Reduction Refinance Loan Program helps veterans, active duty military personnel, reservists [COLUMN_BREAK]
and their family members refinance their mortgage loans to receive low interest rates.
Minimum requirements for eligible veterans, military members and their families include a FICO score of at least 680, a maximum loan-to-value ratio of 150 percent, and a 30-year fixed amortization.
Additionally, the home on which the loan is taken must be a primary residence, and the borrower must be a W2 wage earner who has worked at his or her current employer for at least two years.
The FHA Non-Credit Qualifying Streamline Product allows FHA borrowers to refinance at lower interest rates without having to pursue appraisals and their associated costs. The program has no loan-to-value ratio requirements.
However, other qualifications are similar to the VA program. The borrower must have a FICO score of at least 680, and the loan must be a 30-year fixed amortization. The home must be a primary residence.
The borrower must be a W2 earner with at least two years at his or her current employer.
""Our two new product offerings will allow even more homeowners to take advantage of current low interest rates and offer real solutions to borrowers, especially those that have been restricted from refinancing due to various eligibility requirements,"" Greco said.