A Rural Housing Pilot Refi  is the best option for you if:

• You are already in a Rural Housing Loan.
• You know mortgage rates have dropped since you got your current loan, and you want to take advantage of what the market currently has to offer.
• You don't want cash out.
• You don't want a lot of hassle!
• You have made your last 12 mortgage payments on time

If you aren't on a Rural Housing loan now, you can't streamline refinance to a Rural Housing mortgage.  Rural Housing Loans come still come.

Rural Housing Pilot Refinances are easy!

• Appraisals are not required.
• Your interest rate must be reduced at least 100 basis points.
• Underwriting is very relaxed.  You need a score of 640 or higher.  You need to have made the last twelve payments on time
• No asset verification, unless you need to bring money to close.
• You can refinance from an adjustable rate mortgage to a fixed rate mortgage.
•  You can include your closing costs, so that no money is needed for closing.  We will give you several options to consider.
• You can not get cash out at closing. (There is a full documentation Rural Housing refinance that might allow this.)
• Termite inspection is not required.

If might recall paying an upfront fee to the USDA when you closed on your original Rural Housing loan.   And if you have been in your mortgage for a while, you may not be paying a monthly mortgage insurance premium to the USDA.  The USDA now monthly premiums.

This means we have to consider if this program is a good option for you, or if a better option is available.  The calculator at right can give you an idea of how these fees would impact you.  Like FHA, you pay an upfront fee at closing.  For Rural Housing loans, this is 2.75% of the starting balance, and it can roll on top of the loan.

You then pay a monthly premium for the rest of the loan, of .0005% of your loan balance.  Every year, your the premium is reassessed based on the new principal balance.  So, over time, your premiums will gradually decrease.

These are fees that are paid to the Federal government.  They are tax deductible.