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Home » USDA Streamline Refinance Loan

USDA Streamline Refinance Loan

If you have an existing USDA Loan you will receive the following benefits of a USDA to USDA

On June 2, 2016 USDA Rural Development introduced the “Streamlined-Assist” USDA Refinance Loan, which allows existing USDA Guaranteed and Direct Loan borrowers to refinance to a lower interest rate. With the Streamlined-Assist USDA Loan, homeowners with an existing USDA Loan will be able to take advantage of the following USDA Refinance benefits:

Obtain an interest rate as low as 5.5% (5.792% APR)
No appraisal report required and streamline approval process
Property valuation not considered, refinance even if the house is worth less than the current mortgage
Skip up to two mortgage payments
Roll all closing costs and fees into the new loan
Receive back from your current Loan Servicer a refund of the money held in your escrow account
Refinance with our No Closing Cost option
Can still obtain a USDA Refinance even if the house is no longer in a designated USDA Loan eligible area

Learn More About Your USDA Refinance Loan Options

Current Loan Servicer*

What County*

Approx Loan Amount*

Current House Value*

When are you looking to purchase/refinance*

Estimate your credit*

Bankruptcy or Foreclosure*

Full Name*

Email Address*

Phone*

I have read and agreed to the Privacy Statement and Terms and Use policy.

Free Consultation! No Obligation and No Personal Information Required.

USDA Streamlined-Assist loans allow homeowners with a USDA Guaranteed or USDA Direct Loan to refinance to obtain a lower interest provided the following guidelines are met:

Household income can’t exceed current USDA Loan eligibility requirements
On-time mortgage payment history (i.e. not more than 30 day late on any monthly payment) within the last 12 months
USDA Refinance loan can’t exceed current outstanding principal and interest balance of the existing loan, eligible closing costs, funds necessary to establish a new tax and insurance escrow account, and the upfront guarantee fee
Borrower must present a tangible benefit to refinance, which is defined as a $50 or greater reduction in the monthly payment
Minimum middle credit score of 550 for all original borrower’s on the mortgage loan
Appraisal report requirements:
- Guaranteed USDA Refinance – Not required
- Direct USDA Refinance – Appraisal report required