USDA Streamline Refinance

Get Pre-Qualified Today & Shop with Confidence!

USDA Streamline Refinance

Get Pre-Qualified Today &
Shop with Confidence!

The Lowdown on USDA Streamline…

The USDA Streamlined Assist Refinance Loan gives current USDA loan borrowers an opportunity to get lower monthly payments, regardless of negative equity. With a simpler application process, this refinance option features no debt-to-income limitations, no inspection or appraisal, and no loan-to-value requirements.

The Lowdown on
USDA Streamline…

The USDA Streamlined Assist Refinance Loan gives current USDA loan borrowers an opportunity to get lower monthly payments, regardless of negative equity. With a simpler application process, this refinance option features no debt-to-income limitations, no inspection or appraisal, and no loan-to-value requirements.

Our USDA Streamline Refinance Loan Rates Are Low & Our Process is Quick

The streamline program is strictly for refinancing, but the USDA does offer an excellent purchase product. Intended to help low and moderate income borrowers buy homes in rural areas the USDA Rural Housing Loan offers one of the few 100% financing options on the market. Coupled with low interest rates and flexible credit underwriting it can be an ideal option for first time home buyers and repeat buyers alike.

Many consumers are surprised to see which properties qualify for USDA mortgage financing. The maps drawn by USDA Rural Housing to show which homes are eligible for these loans can be found online at usda.gov. The term “rural” might connote for some open farmland or one stoplight towns, but there are many areas with fairly dense population that are eligible. Clients who own homes or are shopping for property in towns they might think of as suburban or a medium sized town, may in fact find houses there that are eligible for a USDA mortgage.

Our USDA
Streamline Refi Loan
Rates Are Low &
Our Process is Quick

The streamline program is strictly for refinancing, but the USDA does offer an excellent purchase product. Intended to help low and moderate income borrowers buy homes in rural areas the USDA Rural Housing Loan offers one of the few 100% financing options on the market. Coupled with low interest rates and flexible credit underwriting it can be an ideal option for first time home buyers and repeat buyers alike.

Many consumers are surprised to see which properties qualify for USDA mortgage financing. The maps drawn by USDA Rural Housing to show which homes are eligible for these loans can be found online at usda.gov. The term “rural” might connote for some open farmland or one stoplight towns, but there are many areas with fairly dense population that are eligible. Clients who own homes or are shopping for property in towns they might think of as suburban or a medium sized town, may in fact find houses there that are eligible for a USDA mortgage.

What is required for an USDA Streamline Refinance?

As with any USDA loan, the borrower must meet minimum qualifications.

  • Borrower must already have an existing USDA mortgage to be eligible for a USDA streamlined refinance
  • Borrower may not have any late payments within the past 12 months
  • Total family household income must meet current USDA income eligibility requirements. USDA mortgage financing is intended for low and moderate income homeowners
  • 30-year fixed loan terms only. 15-year or 20-year loans terms are not available

Other requirements of this program include:

  • Flood insurance is required for all USDA-backed homes currently located in a flood zone
  • The new mortgage rate must be at least 1% below the borrower’s current mortgage rate
  • Properties no longer located in an eligible rural area remain eligible for a refinance transaction
  • The refinance may include the principal loan balance, accrued interest, the upfront guarantee fee, and other eligible loan closing costs

What is required for
a USDA Streamline
Refinance?

As with any USDA loan, the borrower must meet minimum qualifications.

  • Borrower must already have an existing USDA mortgage to be eligible for a USDA streamlined refinance
  • Borrower may not have any late payments within the past 12 months
  • Total family household income must meet current USDA income eligibility requirements. USDA mortgage financing is intended for low and moderate income homeowners
  • 30-year fixed loan terms only. 15-year or 20-year loans terms are not available

Other requirements of this program include:

  • Flood insurance is required for all USDA-backed homes currently located in a flood zone
  • The new mortgage rate must be at least 1% below the borrower’s current mortgage rate
  • Properties no longer located in an eligible rural area remain eligible for a refinance transaction
  • The refinance may include the principal loan balance, accrued interest, the upfront guarantee fee, and other eligible loan closing costs

In which scenarios is the USDA Streamline Refinance useful?

For borrowers in rural areas who currently have a USDA home loan and based on current market conditions could save by refinancing, this can be an ideal program. Even homeowners with less than perfect credit, or who have little, no, or even negative equity may be able to benefit.

The simplified, inexpensive process makes it easier for homeowners to take advantage when a drop in mortgage rates comes along. By refinancing into a new home loan with a lower interest rate borrowers can often lower their monthly payment, reduce the amount of interest paid throughout the life of the loan, and realize significant savings.

In which scenarios
are the USDA
Streamline Refi useful?

For borrowers in rural areas who currently have a USDA home loan and based on current market conditions could save by refinancing, this can be an ideal program. Even homeowners with less than perfect credit, or who have little, no, or even negative equity may be able to benefit.

The simplified, inexpensive process makes it easier for homeowners to take advantage when a drop in mortgage rates comes along. By refinancing into a new home loan with a lower interest rate borrowers can often lower their monthly payment, reduce the amount of interest paid throughout the life of the loan, and realize significant savings.

Get Your FREE Loan Quote Now!

Get Your FREE
Loan Quote Now!

Whether you’re buying a new home, refinancing, looking for a cash-out, or just have questions about the process, our Elite Team of Mortgage Professionals will help you find the right mortgage solution!

Whether you’re buying a new home, refinancing, looking for a cash-out, or just have questions about the process, our Elite Team of Mortgage Professionals will help you find the right mortgage solution!

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