Categories: Brett's Mortgage Blog

Simple Rules For Refinancing A USDA Loan…

Good Morning!
If you have been thinking about refinancing your USDA loan here are some rules we have to follow…
The rules are in your favor!1) Closing costs and one time upfront USDA guarantee fee may be included in the loan. Origination fees are capped at 1% of the loan amount.2) No appraisal required.3) No property inspections.

4) Interest rate must be a minimum of 1.00% lower than current USDA rate.

5) Credit report required for pricing, not eligibility!

6) No ratio requirements.

7) New term of loan must be 30 years.

8) Upfront USDA guarantee fee will be 1.5% and will be rolled into loan.

9) USDA annual fee will be .30%.

10) No cash out is permitted.

If you would like to get some pricing on your USDA refinance loan – just give me a call or shoot me an email!

Have a good day today! …and thanks for reading.

Brett

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