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USDA Streamline Refinances

USDA Streamline Refinances

It's simple to get a better rate and lower payments with USDA streamline refinancing. These refinances offer less paperwork and faster closings.

Plus, we can take your application over the phone. Call us at 877-220-5533 to get started. By refinancing, the total finance charges you pay may be higher over the life of the loan.

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USDA Streamline Refinances

  • Less paperwork
  • Easy credit score qualification
  • Upfront and Annual Guarantee Fee required
Learn More
conventional refi icon

Conventional Refinances

  • More paperwork
  • Minimum credit score often 620
  • No mortgage insurance with 20% equity
Learn More
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FHA Streamline Refinances

  • Less paperwork
  • Easy credit score qualification
  • Mortgage insurance required
Learn More
  • A USDA streamline refinance replaces your existing USDA loan with a new USDA loan that has a better rate or terms. Refinancing your USDA loan might help lower your monthly payment or save money on interest.

    USDA streamline refinances do not typically require a home appraisal, and closing can take place in less than 30 days. Keep in mind that, by refinancing, the total finance charges you pay may be higher over the life of the loan.

    USDA loans and USDA streamline refinances are programs of the United States Department of Agriculture (USDA).

    • Lower rates. Refinancing to get a better rate might help lower your monthly payments or save money on interest. Freedom Mortgage offers competitive USDA streamline rates with low fees and no hidden costs.
    • Easier application. USDA streamline refinances applications are easier to complete, compared to Conventional refinancing.
    • No home appraisal. Most USDA homeowners do not need a new appraisal to refinance. This can save you time and money.

    Does refinancing your USDA loan make sense for you? The answer depends on your current rate, the new rate for which you might qualify, the amount of your current loan, your closing costs, the number of years you have left on your mortgage, and other factors. Use the refinance calculator on this page to estimate your savings.

  • You'll need to complete a new mortgage application, sign loan disclosures, and attend a closing to refinance your USDA loan. Our Loan Advisors can frequently help you apply over the phone. Other requirements include:

    • Have an existing USDA loan. You'll need to replace your existing USDA loan with a new USDA loan to be eligible for streamline refinancing.
    • Benefit from refinancing. You'll need a qualifying net reduction in your monthly payment, compared to your current payment, to be approved.
    • Live in the home. The house you'd like to refinance needs to be your primary residence.
    • Make payments on time. You'll need to have made your last 12 mortgage payments on time.
    • Meet income requirements. To qualify, your income needs to be below a certain limit. Visit the USDA website to check your income eligibility.
    • Pay upfront and annual guarantee fees. You'll pay an upfront guarantee fee, which is 1% of the loan amount for a USDA streamline refinance which can be financed into the initial loan amount. You will also need to pay an annual guarantee fee of 0.35% of the loan amount. This is paid monthly as part of your monthly mortgage payment until the loan is paid in full.
    • Pay closing costs. USDA refinance closing costs vary by lender and may include lender fees, discount points, guarantee fee, property taxes, homeowners insurance premiums, and more.
    • Take no cash out. You cannot take out cash from the value of your home's equity with USDA streamline refinancing.
  • The USDA streamline refinance rate we may be able to offer you is personal to you. Your rate is affected by your credit score, your income and finances, and the value of your home's equity, as well as the current mortgage market environment.

    We may be able to offer you a rate that is lower—or higher—than the rate you see advertised by other lenders. Ask us today what USDA streamline rate we can offer you by calling 877-220-5533.

How much can you save?

Find out how much you might save by refinancing your home to a lower rate. By refinancing, the total finance charges you pay may be higher over the life of the loan. Change the default values to personalize your savings estimate!

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This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

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Let us help you save more on your mortgage each month by lowering your interest rate. Fill out the form below and one of our licensed Loan Advisors will contact you.

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* This calculator is made available as a self-help tool for your personal use. We do not guarantee its accuracy or applicability to your individual circumstances. Resulting calculations are for illustrative and informational purposes only and are not intended as investment or financial advice. Consult a qualified financial advisor before making important personal finance decisions. To get a better understanding of the benefits of refinancing, speak with a loan advisor at Freedom Mortgage.

A loan advisor from Freedom Mortgage will reach out to you to review your results and discuss the request for a cash out refinance on your home’s equity.

By entering your mobile number and email address and clicking “Get Your Results” below, you consent to be contacted, including via automated technology, by Freedom Mortgage and any of its current or future affiliated companies (collectively “Freedom Mortgage”) at that mobile number and email address for marketing purposes. You affirm that you are the subscriber of the phone number(s) and email address or that the subscriber has authorized you to provide this consent. Your consent is not a condition of purchase of goods or services from Freedom Mortgage. You can revoke your consent at any time by contacting Freedom Mortgage at 855-690-5900.
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Based on the values you entered, refinancing might save you
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Ask us what refinance rate we can offer you

The home refinance rate we may be able to offer is personal to you. Your interest rate is affected by the type of refinance loan you want, your credit score, your income and finances, as well as the current mortgage market environment. Freedom Mortgage may be able to offer you a refinance rate that is lower - or higher - than the rate you see advertised by other lenders. Ask us today what refinance rate we can offer you.

FHA loans vs USDA loans

The differences between an FHA and USDA loan

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Should you refinance your mortgage?

Reasons why you should (or shouldn’t) refinance your home

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How often can you refinance?

Learn how many times refinancing your home makes sense

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