USDA Guarantee Loan borrowers can refinance to a new USDA Guarantee Loan using either the USDA Streamline Refinance or the non-Streamline Refinance program. The USDA non-Streamline Refinance allows USDA Refinancing borrowers with equity, in which the house is worth more than the existing loan amount, to obtain an appraisal report in order to include their closing costs and escrows into the new loan amount. USDA Refinancing borrowers, like the USDA Streamline Refinance borrowers, also have the option to either pay their loan closing costs and escrows out-of-pocket or have the lender pay the closing costs through a USDA Refinance No Closing Cost Option.

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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Step 3 of 3 : Your Contact Information
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The primary benefit of the USDA Non-Streamlined Refinance is that the maximum loan amount is determined by the higher of the appraised value or principal balance of the mortgage payoff. With the non-Streamline Refinance Program, 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; in addition to the existing principal balance up to the appraised value. And the new upfront refinance guarantee fee of 2.00% can be financed into the loan.

Other program requirement for the non-Streamline USDA Guarantee Loan Refinance Program Include:
The USDA non-Streamline Refinance requires an appraisal report
Must meet income eligibility requirements to ensure that the household income does not 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