Homeowners with an existing USDA Direct Loan Program can refinance to a new USDA Guarantee Loan in order to take advantage of today’s low interest rates. Unlike borrowers with an existing USDA Guarantee Loan, the Direct Loan borrowers must obtain an appraisal report, lender underwriter review of credit and debt load, and a payoff statement from USDA Rural Development Centralized Service Center (CSC) to determine the status of their Subsidy Recapture.

Learn More About Your USDA Refinance Loan Options
Step 1 of 3 : Existing Loan Information
Current Loan Servicer:
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Approx Loan Amount:
Current House Value:
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Step 2 of 3 : About You
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Estimate your credit:
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Step 3 of 3 : Your Contact Information
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When refinancing a USDA Direct Loan to a USDA Guarantee Loan the loan will need to meet the following requirements:
An appraisal report will be required and must be ordered through the lender
Maximum loan amount is determined by the lower of the appraised value or principal balance of the mortgage payoff plus closing costs
Provided that the appraised value exceeds the mortgage payoff the new loan amount can include accrued interest, eligible closing costs, and escrows or pre-paids; and the existing principal balance up to the appraised value. In addition, thenew upfront refinance guarantee fee of 1.5% can be financed into the loan
A payoff from the Centralized Services Center to determine the principal balance payoff and if a Subsidy Recapture account exists
The amount owed in the Subsidy Recapture account can’t be financed into the new loan amount, but can be subordinated to the new USDA Guarantee Loan
Other program requirement for the USDA Guarantee Loan Refinance Program Include:
Must meet income eligibility requirements to ensure that the household income doesn’t exceed allowable limits
Full Lender review of the borrower’s credit worthiness and ability to qualify for the USDA Guarantee Loan Program
No cash-out refinance
Properties converted to investment properties are ineligible for the program
30 year fixed rate mortgage