The USDA Streamlined Assist Refinance Loan gives current USDA loan borrowers an opportunity to get lower monthly payments, regardless of negative equity

The USDA Streamlined Assist Refinance Loan gives current USDA loan borrowers an opportunity to get lower monthly payments, regardless of negative equity

What is the USDA Streamlined Assist Refinance Loan?

With a simpler application process, this refinance option features no debt-to-income limitations, no inspection or appraisal, and no loan-to-value requirements.

USDA Streamline-Assist Refinance Loan Basics

  • Available to borrowers when their savings is greater than $50.00 per month
  • Finance up to 100% of the home’s value
  • No appraisal or calculation of debt ratios
  • Borrower is not required to show employment documentation
  • 620 minimum credit score required
  • Prior to applying, borrower must have made 12 consecutive on-time payments
  • 30 year fixed rate term option
  • No prepayment penalties
  • Primary Residence Only
  • Additional borrowers can be added to the refinance, but borrowers cannot be removed

What are the benefits?

Generally No Appraisal Required

One of the key benefits of this streamlined program is that generally no appraisal is needed on the property for the refinance, eliminating associated fees and keeping money in the borrower’s pocket.

Eliminate Out-of-Pocket Expenses

The USDA Streamlined Refinance Loan not only makes it possible for rural homeowners to lower their monthly mortgage payments, but they can also roll all the closing costs into the new loan. Like all USDA rural housing loans, this loan is subject to the 1% upfront fee and 0.35% annual fee. Continuar leyendo “The USDA Streamlined Assist Refinance Loan gives current USDA loan borrowers an opportunity to get lower monthly payments, regardless of negative equity”