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:
- When refinancing an existing USDA Direct Loan
- the interest rate on the new loan represents a less than one percent reduction over the current rate
- 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
- 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.