What is the USDA refinance streamlined assist program?
What is the USDA refinance streamlined assist program?
USDA has announced a new refinance program that is designed to help borrowers with existing USDA mortgages take advantage of lower rates.
The program is able to streamline a USDA refinance by not requiring an appraisal and thus better help these qualified homeowners reduce their monthly payment.
As a USDA approved lender, we offer this program and in today’s video will show you the details and discuss who is eligible for the USDA refinance streamlined assist program.
What a
re the qualifying criteria and benefits of the USDA Refinance Streamlined Assist program?
- You must already have an existing USDA mortgage to be eligible for a USDA refinance.
- You may not have any late payments within the past 12 months (This would be considered anything that is reporting as a 30 day delinquency during the past 12 months)
- Total family household income must meet current USDA income eligibility requirements
- There is no appraisal required
- This is a Fixed Rate Program with NO prepayment penalties and a 30 year term
What are the costs of the USDA refinance streamlined assist program? 
1. Since there is no appraisal requirement,there are NO appraisal or inspection fees
2. We do not charge application fees
3. The USDA Refinance Streamlined Assist program allows for you to finance eligible closing costs, thus saving money and large out of pocket expenses.
How do you get started with a USDA refinance?
Simply call or email to discuss your scenario and review the options:
(800)806-9836 Ext. 280
SeanS@MPLX.org
Please be prepared with your most recent mortgage statement or online print out.
