eLEND TPO Products
Discover USDA Streamlined Assist Refinance
Overview
The USDA Streamlined Assist Refinance Loan provides current USDA loan borrowers an opportunity to lower their monthly mortgage payments. With a simple application process, this refinance option features no debt-to-income limitations, no loan-to-value requirements, and in some cases, no inspection or appraisal.
Basics & Benefits
- Available to borrowers when their savings is greater than $50.00 per month
- Finance up to 100% of the home’s value
- No calculation of debt ratios, and in some cases, no appraisal
- Borrower is not required to show employment documentation
- 30-year fixed rate term option
- No prepayment penalties
- Additional borrowers can be added to the refinance (borrowers cannot be removed)
Who is Eligible?
Eligibility will be determined by examining the borrowers’ income, assets, liabilities, and credit history and score, as well as the market value and condition of the property to be financed.
- Minimum FICO of 580
- The existing USDA loan being refinanced musthave closed at least 180 days prior to therequest for Conditional Commitment,
- The existing USDA loan being refinanced must have a mortgage payment history which does not reflect a deligquency greater than 30 days within the previous 180 day period.
- Primary residence only
- 502 Direct borrowers may require a new appraisal to calculate subsidy recapture that may be due, but it will not be used for loan-to-value purposes
- Properties no longer located in an eligible rural area remain eligible for a refinance transaction
- The refinance may include the principal loan balance, accrued interest, the upfront guarantee fee, and other eligible loan closing costs
See What’s Possible
Review program highlights, qualifications, and benefits before you get started.
