From Yahoo Finance: 2024-06-06 15:42:00

If you have a USDA mortgage, you can refinance without extra steps. The USDA streamlined refinance offers lower interest rates and skips the need for a new appraisal. Two options are available: standard streamlined and streamlined assist, tailored to your loan and financial needs. Prepare for a USDA streamlined refinance by understanding the advantages it offers, including no equity needed, no appraisal required, and the ability to finance closing costs and USDA fees. These refinances are rate-and-term, not cash-out, and designed for low-to-middle-income borrowers in rural areas. Eligibility requires meeting specific criteria set by the USDA, such as holding a USDA mortgage for at least 12 months and making on-time payments. The two types of USDA streamlined refinance loans, standard streamlined and streamlined assist, cater to different credit and income levels, with various requirements and benefits. Rates for USDA streamlined refinance loans fluctuate but can be as low as 1% with payment assistance. Connect with a USDA-approved lender for current rates and information on refinancing options. Refinancing your USDA loan is possible through two streamlined options: standard USDA streamlined refinance and USDA streamlined assist refinance, offering benefits like no home appraisal or inspection required and more flexible credit score guidelines.

Read more: A guide to USDA streamlined refinance loans