USDA Streamline Assist Refinance
What Is A USDA Streamline Refinance?
The USDA Streamline-Assist refinance for clients with an existing USDA Home Loan. If you’re currently on an FHA, VA, Conventional, or Private Mortgage Loan, you’ll be unable to refinance into a USDA loan.
Suppose you have a USDA home loan that closed before October 1st, 2016. In that case, you are most likely paying a higher monthly mortgage insurance premium of .500% and will be sure to save money before we consider reducing your interest rate.
The USDA lowered their annual mortgage insurance premium from .500% to .350% annually on October 1, 2016, making this program the most sought-after refinancing program of 2017. At the same time, the USDA lowered the upfront guarantee fee from 2.750% to 1.00%, which is quite a drastic savings for homeowners. As of December 2, 2022, these great rates and low upfront fees have extended into 2023.
Top 5 Reasons To Apply For A USDA Streamline Refi.
Lower your interest rate, mortgage insurance premium, and total payment FAST. The USDA will allow you to refinance if your savings exceed $50.00 monthly, but we want to save you more!
Finance up to 100% of your home’s value. The USDA will allow you to refinance even if you closed at a much higher rate a month ago; there is no seasoning requirement.
NO APPRAISAL! That’s right, no meeting for appointments and hoping the value comes in; you already have a USDA loan and qualify to improve your loan.
NO INCOME DOCUMENTS! Employment will be verified verbally before closing without requiring tax returns, W2s, or further income documents.
Access Up To *$50,000 extra in unsecured financing before closing to consolidate debt and lower your debt ratio to qualify for a larger loan or one day after closing to use these funds as you wish. Consider remodeling your home, adding a room, adding a rental unit on the property, buying new appliances, furnishing the property, paying off medical debt or high-interest cards, and many more options to use these funds.
Apply Now For Your Streamline Assist Refinance Loan.
The USDA Streamline Refi is not for those seeking cash-out from the equity in their property. This loan is meant to be relatively easy to qualify for and can be closed quickly, often in a few short weeks, because of your prior USDA loan approval.
When lenders have more lenient requirements, their speed of underwriting and requests for documentation become streamlined. Hence, the program's name is the “USDA Streamline Assist Refinance.”
Don’t Hesitate To Lower Your Rate and drop MI Through A USDA Streamline Refi!
There are several substantial advantages when considering a streamline refinance. While many may think the cost and hassle may not be worth the effort, we assure you it’s a painless process. The main reason is simple: rates are still low.
The longer you wait, the less you'll save!
There is no required appraisal, no Re-Cert of USDA Eligibility, only verbal verification for employment, lower mortgage insurance premiums, and no out-of-pocket costs. Depending on the timing of your loan closing, it may be possible to skip 1 to 2 payments before your new loan starts.
The advantages far outweigh the negatives. And while USDA Streamline refinancing doesn’t offer cash out, it may be paired with our in-house personal loan of up to $50,000 extra before or after closing to use as you wish!
Compare these benefits listed above to your original USDA loan. You will quickly realize that a USDA Refinance saves our rural homeowner’s money and interest and reduces the time to pay off the loan. It’s also important to say there is no other loan like it on the market for rural property and manufactured homes in the country.
To avoid out-of-pocket costs, homeowners can roll the closing costs and fees into the loan balance. There are many instances where the lender may allow credit towards closing costs should your time in the existing home loan be less than one year.
Our Mortgage Bankers work directly with you to ascertain if the reduction in your interest rate will give you the true benefit of proceeding with a refinance; the loan must save you a minimum of $50.00 per month. Still, with these new mortgage insurance reductions, you may be eligible to reduce much more than this. Apply Now For Your Streamline Assist Refinance Loan.
The borrower is not allowed to receive any cashback; we explained this above, so if you do require cashback from your property, reach out so we can create a plan and rate that meets your needs.
We have a great consumer loan option that can be taken out along with a streamlined refinance, or if you want it all wrapped into your mortgage, then an alternate loan for cash-out will require an appraisal and, therefore, do not qualify for a USDA Streamline Refi.
Don’t worry; we have so many options to help, you’ll be amazed.
How Much Will A USDA Streamline Refi Reduction Loan Save Me Monthly & Over The Term Of My Loan?
That is a fantastic question because many lenders aren’t authorized or qualified to offer USDA Rural Home Loans; you must ensure the USDA approves your lender. Happily for us, USDA Nationwide is an approved USDA Rural Home Lender in all 50 states.
Today’s USDA interest rates are still at truly competitive levels. Even though rates have been rising, these attractive programs allow you to get into your loan with little to no money out of pocket.
Yet with a reduction of just half a percent, a borrower could potentially generate tens of thousands in savings over the life of a loan. The more considerable the loan amount, the more significant the savings of interest over the life of your loan.
Imagine, if your interest rate is north of 4.50%, at today’s rates, you should see a considerable reduction in interest and payment due to the lowered monthly USDA mortgage insurance premiums and a reduction in your interest rate.
Where you put the monthly savings in your payment is entirely up to you; put it towards your mortgage to pay off sooner or make extra payments on higher-interest credit card debt; whichever path you choose, we can think of no one who wants to pay more than they should for their loan, so call us to see how much we can save you.
Why Choose USDA Nationwide Over The Other Lenders?
The USDA Loan Banking specialists at USDA Nationwide have over 25 years of experience working as a team with homeowners across all 50 states and in the rural home loan market. We operate offices in multiple states, and as a direct banker, we underwrite all loans in-house.
This allows us to move faster and make exceptions that many larger banks cannot. This is also why some of the largest USDA Lenders across the United States refer clients to USDA Nationwide daily.
We are here seven days a week to serve our clients, knowing that each of you operates on a different schedule and set of needs. We provide you with your bankers’ direct cell phone number in case issues arise, and we put our clients and excellent customer service at the very top of our mission for you.
Our team will help provide excellent options, out-of-the-box thinking, and solutions to help you reach your goal. With hundreds of loan programs in-house, we will do our best to get you approved at a great low rate and the term you deserve.
Experienced USDA Direct Bankers Make The Process A Breeze.
While the Streamline Refinance is meant to be a smooth process, it shouldn’t mean you get passed around to many different people during this process. Our customer service, pricing, and care for rural home borrowers make us unique.
Once you connect with one of our great Mortgage Bankers offering the USDA loan, you’ll quickly see why we stand out. Our USDA loan team will stay with you from start to finish, navigating what is needed to close your loan successfully!
We believe in keeping you with the very first banker through the process. If you are ready to get started on your Streamline USDA Interest Rate Reduction Refinance Loan today, please call us directly or complete our online application form, and we will get back to you upon our first available time slot. Get started using a USDA Rural Development loan today.
5 Star USDA Lender Reviews That WOW!
"Richie, OK... so you've officially done something I've never seen in 22+ years selling real estate. Closed a Loan on 224 Acres, with a Manufactured Home. CONGRATULATIONS! and THANK YOU!!! Admittedly, I was skeptical (more like pessimistic) when James told me you were going to get this Loan completed. And I had many doubts along the way, because I'd seen so many Lenders fall flat on their faces, just before the Closing. BUT... You got the Job DONE! Occasionally, I find someone out there who has done an Outstanding Job, helping my Clients... and You are one of these! I'm now officially a FAN of You and Your Work. I would be honored to promote you and your services to other Agents within our company, and I intend to do so. I will call you when I've caught up on my work a bit... and learn more about how I can do my job better on the next VA transaction." ~ Tom K. Licensed Realtor
How much Do You Qualify For?
We Work Hard To Obtain Your Dream Loan, For Your Dream Home!
We have over 25 years working together as a team, and over 100 years combined experience as an A+ rated FDIC bank helping our clients get competitive, low fixed-rate mortgages. By pre-approving you for your maximum amount to start, we work to get you a mostly underwritten loan approval, possibly even before you have a home picked out. We also promise to never spam you, sell your information, bombard you with robocalls, or provide anything but a clear, transparent conversation, from start to close.
TOUGH LOANS DON'T SCARE US
USDA Two-Time Close Construction, Purchase, & Refinance Home Loans of All Types, All 50 States With No Territory Restrictions. Large Acreage & Manufactured Property Eligible.
From Construction To Bridge Loans, Down Payment Assistance to Hero Loans, and Extensive Renovation Projects to Manufactured Homes, each loan is as unique as the home! Treating our customers with extreme care and attention to detail, we can’t wait to serve you. We’re solution-oriented, efficiency-motivated, and highly skilled bankers working for you; let us help you today!