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.