Why Refinance your USDA Loan
USDA refinancing in general can be considered a streamlined process as these loans do not usually require property inspection. This means that you can save upto $400 to $500 on an average. Moreover, closing costs can be rolled into to the loan. This allows you to refinance your loan without having cash up front.
Moreover, refinancing your home through a USDA program means that you get financing up to 102% of the appraised value of the home which means that you can borrow more than the house is worth for improvements. This is why USDA refinancing is very beneficial for those people who are trying to sell their house but need to make certain repairs so that they can market its full potential.
How You Can Refinance your USDA Loan
- Before you begin the refinancing process of your USDA loan, there are certain requirements that you need to meet. These are:
- The mortgage which is being refinanced need not be delinquent but should be current
- The mortgage that is being refinanced must already be a 502 USDA loan which can either be Direct or Guaranteed
- The process of refinancing must end up in helping the borrower get a lower interest payments and principal monthly
- When using the USDA loan refinance process, no cash may be taken out on mortgages
Apart from the above mentioned list, a borrower must keep in mind that the USDA refinance that they are planning to apply for must be used on their primary residence and before the refinance the borrower must have made 12 consecutive on-time payments.
Get Refinanced Today
USDA refinancing can prove to be a blessing for you provided that you meet all the necessary requirements. If you want to refinance your USDA Mortgage, feel free to email us or giving us a call at 877-342-7449.