Can I Refinance my USDA RD Loan?
The answer is YES! You can Refinance your USDA Rural Development Loan into a lower rate and payment with our USDA Streamlined Refiinance Loan Program.
We hear this question often: “Can I Refinance my USDA Rural Development Loan?” The answer is Yes, you can Refinance your Rural Housing Loan from USDA (both Guaranteed and Direct). . If your current Home Loan is a Guaranteed Rural Housing loan or a USDA Section 502 Direct loan, you can Refinance into a lower Interest Rate and Payment with our USDA Streamline Refinance Loans.
WE allow you to refinance with or without an appraisal and with a new guarantee fee of only 1%. More USDA refinance information is below.
Benefits and Requirements USDA Rural Housing Refinance:
- Current loan must be a USDA Loan
- The existing Loan must be a Guaranteed Rural Housing (GRH) or USDA Direct - Section 502 loan.
- 30 Year Fixed rate Loans
- We must lower your Interest Rate to qualify
- Owner Occupied, primary residences only
- The USDA Guarantee fee is 1%
- Income limits still apply
- USDA Streamline Refinance loans are allowed for properties in areas that are no longer designated as USDA Rural Areas
- Escrows for Taxes and Homeowners Insurance are required
- An Appraisal is required if the Refinance amount exceeds the Current Loan Amount plus the USDA Guarantee Fee. Call us for details on how we can structure your loan to waive the appraisal - it can be done either way.
The USDA 1% guarantee fee may be financed into your USDA GRH refinance. You can also finance the other closing costs and fees up to 100% of the current appraised value.
Call the Government Loan Pros at VanDyk Mortgage to find out if you could benefit from a USDA Streamline Refinance - 760-752-4480 direct, or 866-900-2342 Toll Free. You can also get started online at anytime at www.governmentloanpros.com.