USDA To USDA Refinance - When Is An Appraisal Report Mandatory

By
Mortgage and Lending with Millennial Home Loans, LLC NMLS #133925

One of the primary benefits of the USDA to USDA Refinance Loan program, including the just announced USDA Pilot Program Refinance is that there isn't an appraisal report required.  However there are situations in which an appraisal report will be required when refinancing an existing USDA Loan, which includes the following:

  1. When refinancing an existing USDA Direct Loan
  2. the interest rate on the new loan represents a less than one percent reduction over the current rate
  3. The borrower will be rolling their closing costs and escrows into the new loan and the property isn't located in a USDA Pilot Program Refinance state
  4. The existing mortgage is less than 12 months from the last purchase or refinance date

To learn more about your USDA Refinancing Loan Options go to www.USDARefinanceLoan.com, which offers detailed explanations for for each of the four USDA Refinance options currently availble to existing USDA Guaranteed Loan and USDA Direct Loan holders interested in refinancing their USDA Loan. Or call USDARefinanceLoan.com directly at (866) 351-3229 to learn more about your USDA to USDA Refinance options.

 

 

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Topic:
Mortgage / Finance
Groups:
USDA Rural Development Loan Group
Tags:
usda refinance
usda pilot program
usda appraisal report

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Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for the links. I will bookmark this and read it later.

Jul 14, 2012 08:48 PM #1
Rainmaker
1,404,038
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

I think an appraisal is always important...loan or not. Glad to see your post and some great links.

Jul 14, 2012 09:19 PM #2
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Hamza Kumar

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Oct 04, 2017 03:40 PM #3
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