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USDA Refinance Options


One of the benefits of USDA Loans is the unique refinance option that is available. If you have a USDA loan and are looking to lower your interest rate there are three refinancing options:

USDA Streamlined-Assist Refinance, USDA Streamlined Refinance, or USDA Non-Streamlined Refinance.

USDA Streamlined-Assist Refinance

This is often seen as the most favorable refinance option due to the benefits discussed below. Although requirements are very similar to the Streamline Refinance, the following requirements will apply to the USDA Streamlined-Assist Refinance:

USDA Streamlined Refinance

If you’ve received a USDA loan and feel that your rate is higher than today’s rates, refinancing your loan is an option. However, there are a few requirements to meet before you begin the refinancing process:

USDA Non-Streamlined Refinance

The USDA’s non-streamlined refinance option is again very similar to the USDA streamline with a key difference being that a new appraisal will be required. Borrowers considering this refinance option are not required to document the $50 payment reduction requirement as found under the Streamlined-Assist.

 

USDA Streamlined-Assist Refinance

Can you refinance a USDA loan? The USDA Streamlined-Assist Refinance is an available loan program  that allows homeowners with an  existing USDA mortgage... Read More

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