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Refinance

Lower your USDA rate with almost no paperwork.

USDA offers three refinances for existing USDA borrowers. The streamlined-assist skips the appraisal, the credit review and the debt-ratio test as long as the new loan cuts your payment by at least $50 a month.

Streamlined-assistNo appraisal or credit review
RequirementPayment drops at least $50
Cash-outNot available
Guarantee fee1% upfront, 0.35% yearly
See if I qualifyCall (800) 511-3330
4.4 on Google · 214 reviewsNMLS 13988Licensed in 15 states + DC
Who it's for

Is the USDA refinance right for you?

  • USDA borrowers with a rate above today's market
  • Owners whose income has changed and who could not qualify full-doc
  • Anyone who wants the fastest possible USDA refinance
  • Borrowers who still meet the USDA income limit
How it works

Three steps from here to closing.

Confirm eligibility

12 months of on-time payments on the current USDA loan and income still under the limit.

Application

Streamlined-assist needs no appraisal; the standard streamline needs credit and ratios but no appraisal.

USDA review and closing

Allow a few extra days for the USDA commitment.

What you'll need

Requirements at a glance.

  • Existing USDA guaranteed or direct loan
  • 12 consecutive on-time payments
  • New payment at least $50 lower (streamlined-assist)
  • Household income still within the USDA limit
  • Primary residence
Straight talk

The upside, and what to weigh.

Why people choose it

  • No appraisal, credit review or debt ratio on the streamlined-assist
  • Guarantee fee and closing costs can be financed
  • Income verification is only to confirm the limit

Things to consider

  • No cash-out on any USDA refinance
  • Rate reduction must produce the $50 savings, so small drops do not qualify
Common questions

Asked on almost every first call.

Can I take cash out?

No. USDA refinances are rate-and-term only.

Do I need an appraisal?

Not for the streamlined or streamlined-assist options.

What if my income is now over the limit?

Then a conventional or FHA refinance is the route, and we will compare them.