Contact Your USDA Mortgage Loan Specialist:

Local (410) 567-0994 l Toll Free (866) 747-2882

Get Qualified For the USDA Guaranteed Loan Program

    Free Consultation! No Obligation and No Personal Information Required.

    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

      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
      Scroll to top