USDA Streamline Refinance

The USDA Streamline Refinance Program is for homeowners with an existing USDA Guaranteed or Direct loan.  This program allows homeowners to refinance their primary residence without an appraisal.  This benefits homeowners that are currently underwater with their mortgage to refinance without any added cost or penalties.   Facts about the USDA Streamline Refinance program are:

  • No credit score requirements
  • Must have made the past 12 consecutive months monthly mortgage payments on-time
  • No appraisal required
  • For primary residence properties only.  Not available for investment or second homes.
  • Lowers monthly principal and interest payments
  • Lower the interest rate and must be a fixed rate
  • May not get cash out greater
  • No out-of-pocket costs