FHMC Web Content Viewer (JSR 286)

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USDA Streamline Refinance

FHMC Web Content Viewer (JSR 286)

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FHMC Web Content Viewer (JSR 286)

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If you are a homeowner who currently has a USDA Guaranteed Loan and believe that your interest rate is higher than the current rate, you may be eligible for a USDA Streamline Refinance.

USDA Streamline Refinance

Streamline is a term describing loans that require less paperwork from the borrower because less documentation is needed during underwriting.

Here’s what you need to know about a USDA Streamline Refinance:

  • The refinancing process is generally faster and easier, and no appraisal is required
  • There are no out-of-pocket fees
  • The is no minimum income requirement to qualify
  • Verification of income or credit may not be required

 

If you currently have a USDA Guaranteed Loan, you may be able to lower your monthly payments with a USDA Streamline Refinance.

USDA Streamline Refinance Eligibility Requirements

The USDA provides homeownership opportunities to low- and moderate-income rural Americans through several loan programs. If you've received a USDA mortgage and feel that your rate is higher than the current rate, refinancing your loan is an option.

There are a few requirements, however, to meet before you begin the refinancing process.

  • Your mortgage must already be a 502 USDA Loan (Guaranteed).
  • Your mortgage should be current (not delinquent).
  • The refinance should result in a lowering of your/the borrower's monthly principal and interest payments.
  • No cash may be taken out on mortgages refinanced using the USDA loan refinance process.

 

Borrowers must use the refinance on their primary residence and the borrower must have made 12 consecutive, on-time, payments directly before the refinance.

One way to estimate whether or not you can benefit from a USDA mortgage refinance is to use our Refinance Mortgage Calculator.

Freedom Mortgage is USDA-approved lender with more than 25 years of experience, serving thousands of customers nationwide. Our USDA loan specialists can provide more information to help you determine if a USDA Streamline Refinance can benefit you.

FHMC Web Content Viewer (JSR 286)

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FHMC Web Content Viewer (JSR 286)

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855-690-5900

 

FHMC Web Content Viewer (JSR 286)

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