The USDA Pilot Refinance home loan program is still available to thousands of rural homeowners across the country. Home owners in all 50 states that have a USDA mortgage now are eligible for the Streamline Assist program in 2017. The new Rural Development Streamline Assist program will allow eligible rural homeowners to refinance their mortgage into a lower interest rate regardless of the home loan to value. Even “upside down” and underwater loans qualify for this new program, your current home value or negative equity is not important.
There are NO out of pocket costs to the homeowner as all bank, lender or broker closing costs can be included in the new USDA mortgage. To be eligible for the rural refinance program, homeowners must currently have either a direct USDA loan or a USDA 502 guaranteed mortgage. Please note you must currently have a USDA rural housing mortgage to be eligible for the USDA refinance. If you have a conventional loan, VA loan or FHA loan there are different streamline options available, please read the bottom of this page for more information.
The Streamline Assist program will cut through the red tape normally seen with traditional bank refinancing and potentially save home owners hundreds of dollars a month. To be eligible, borrowers must have made their mortgage payments on time for 12 consecutive months. There are thousands of eligible borrowers in across the nation and the program has helped 10,000 home owners refinance since 2012.
Requirements of the new USDA Streamline Assist Refinance (Pilot) program include:
- You must currently have a USDA or Rural Housing mortgage. Regardless of your current mortgage company (Chase, Bank Of America, Regions, SunTrust, Citi, Wells Fargo, etc) we can help!
- No mortgage late payments in the last 12 months.
- Mobile or Manufactured home are NOT permitted.
- Borrowers monthly mortgage payment must be reduced by $50.00 min and provide a tangible benefit.
- The new term of the USDA refinance must be 30 years fix mortgage.
- The upfront USDA guarantee fee of 1% of the loan amount can be rolled into the new loan.
- The applicable USDA monthly mortgage insurance (PMI) fee will be .35%
- The new loan may include the principal balance of the existing loan plus the upfront USDA guarantee fee of 1 percent and ALL closing costs. No out of pocket costs to the borrower.
- No cash out is permitted with any USDA refinance program.
- Income verification for all adult household members is required for USDA income eligibility only, not for determining repayment ability. Check the USDA Blog page above for current 2017 USDA housing income limits
- Borrowers must be employed at the time of closing on the refinance transaction or have alternate sources of income, such as: retirement income, social security income, disability income, alimony, or child support. Debt to income ratios will not be reviewed.
- The loan to value (LTV) cap is unlimited. No restrictions for home owners that are “upside-down” or “underwater” on their mortgage. If your home value has decreased in recent years, no worries as a new appraisal or home inspection are NOT needed!
- Homeowners are still eligible even if the property is NO longer located in a current eligible/approved map location.
The primary purpose of the USDA refi program is to help rural residences that have done everything right, but may have lost significant equity in their home as a result of past market changes. Many homeowners have made their mortgage payments on time but could not take advantage of the historic low interests because of depreciation in home values and equity restriction put in place by most mortgage companies. This USDA Streamline program is designed to help these homeowners, regardless of current loan to value or negative equity. USDA mortgage interest rates are still near historic low levels in 2017.
Questions about the USDA Streamline Assist or regular Streamline refinance loans? Just submit the quick info request form (upper right side of this page) to get started today. Mobile users will find the info request form the bottom of this page. You can also call us 7 days a week (9am-8pm) at ph: 904-302-6060.
Please also be sure to view the USDA refinance video to the right and view the most frequently asked USDA loan refinance questions here.
If you are a homeowner interested in refinancing a different type of mortgage (non USDA) please click on the blue links highlighted below.
Conventional Mortgage: Homeowners with conforming Fannie Mae or Freddie Mac loans can click to learn about the conventional refinance here.
FHA Mortgage: Homeowners with an FHA mortgage can click to learn about the FHA streamline refinance
VA Mortgage: Homeowners with a VA mortgage can click to learn about the VA Home Loans here.
Serving home owners nationally, including those in Florida, Georgia, Arizona, California and Texas : Jacksonville FL – St. Augustine – Lake City – Tallahassee – Pensacola – Fort Walton Beach – Destin – Gainesville – Ocala – Daytona Beach – Austin – San Antonio – San Diego – Deland – Deltona – Lakeland – Kissimmee – Orlando – Winter Garden – Wesley Chapel – Tampa – Riverview – Sun City – Naples – Port Charlotte – Sarasota FL – Yulee – Fernandina – Naples – Stuart – Spring Hill – Plant City – Cape Coral – Plant City – Davenport – Haines City – Fernandina Beach – Port St. Lucie – Atlanta – Albany – Savannah