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: *

Select... Chase Usda Rural Development/Direct Others

What County: *

Select... Accomack Albemarle Alexandria Alleghany Amelia Amherst Appomattox Arlington Augusta Bath Bedford Bedford Ind Bland Botetourt Bristol Brunswick Buchanan Buckingham Buena Vista Campbell Caroline Carroll Charles City Charlotte Charlottesville Chesapeake Chesterfield Clarke Clifton Forge Colonial Height Covington Craig Culpeper Cumberland Danville Dickenson Dinwiddie Emporia Essex Fairfax Fairfax Ind Falls Church Fauquier Floyd Fluvanna Franklin Franklin Ind Frederick Fredericksburg Galax Giles Gloucester Goochland Grayson Greene Greensville Halifax Hampton Hanover Harrisonburg Henrico Henry Highland Hopewell Isle Of Wight James City King And Queen King George King William Lancaster Lee Lexington Loudoun Louisa Lunenburg Lynchburg Madison Manassas Manassas Park Martinsville Mathews Mecklenburg Middlesex Montgomery Nelson New Kent Newport News Norfolk Northampton Northumberland Norton Nottoway Orange Page Patrick Petersburg Pittsylvania Poquoson Portsmouth Powhatan Prince Edward Prince George Prince William Pulaski Radford Rappahannock Richmond Richmond Ind Roanoke Roanoke Ind Rockbridge Rockingham Russell Salem Scott Shenandoah Smyth Southampton Spotsylvania Stafford Staunton Suffolk Surry Sussex Tazewell Virginia Beach Warren Washington Waynesboro Westmoreland Williamsburg Winchester Wise Wythe York

Approx Loan Amount: *

Select... under $60,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $180,000 $200,000 $220,000 $240,000 $260,000 $280,000 $300,000 $320,000 $340,000 $360,000 $380,000 $400,000 $420,000 $440,000 $460,000 $480,000 $500,000 $520,000 $540,000 $560,000 $580,000 $600,000 $620,000 $640,000 $660,000 $680,000 $700,000 $720,000 $740,000 $760,000 $780,000 $800,000 over $800,000

Current House Value: *

Select... Less Than The Current Mortgage Equal To The Current Mortgage More Than The Current Mortgage Not Sure

Step 2 of 3 : About You

When are you looking to purchase/refinance: *

Immediately Within 90 Days Within 12 Months

Estimate your credit: *

580- 580-619 620-639 640-679 680-719 720-739 740 +

Bankruptcy or Foreclosure: *

Never Within the last 3 years Over 3 years ago

Step 3 of 3 : Your Contact Information

Full Name *

Email Address *

Phone *

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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