USDA Streamline Refinance Loan - Virginia

On June 2, 2016 USDA Rural Development introduced the “Streamlined-Assist” USDA Refinance Loan, which allows existing USDA Guaranteed and Direct Loan borrowers to refinance to a lower interest rate. With the Streamlined-Assist USDA Loan, homeowners with an existing USDA Loan will be able to take advantage of the following USDA Refinance benefits:

  • Obtain an interest rate as low as 5.5% (5.792% APR)
  • No appraisal report required and streamline approval process
  • Property valuation not considered, refinance even if the house is worth less than the current mortgage
  • Skip up to two mortgage payments
  • Roll all closing costs and fees into the new loan
  • Receive back from your current Loan Servicer a refund of the money held in your escrow account
  • Refinance with our No Closing Cost option
  • Can still obtain a USDA Refinance even if the house is no longer in a designated USDA Loan eligible area

Learn More About Your USDA Refinance Loan Options

Step 1 of 3 : Existing Loan Information

Current Loan Servicer: *
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Step 2 of 3 : About You

When are you looking to purchase/refinance: *
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Bankruptcy or Foreclosure: *

Step 3 of 3 : Your Contact Information

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Mortgage Refinance -

Free Consultation! No Obligation and No Personal Information Required.

USDA Streamlined-Assist loans allow homeowners with a USDA Guaranteed or USDA Direct Loan to refinance to obtain a lower interest provided the following guidelines are met:

  • Household income can't exceed current USDA Loan eligibility requirements
  • On-time mortgage payment history (i.e. not more than 30 day late on any monthly payment) within the last 12 months
  • USDA Refinance loan can't exceed current outstanding principal and interest balance of the existing loan, eligible closing costs, funds necessary to establish a new tax and insurance escrow account, and the upfront guarantee fee
  • Borrower must present a tangible benefit to refinance, which is defined as a $50 or greater reduction in the monthly payment
  • Minimum middle credit score of 550 for all original borrower's on the mortgage loan
  • Appraisal report requirements:
    • Guaranteed USDA Refinance - Not required
    • Direct USDA Refinance - Appraisal report required