USDA Lowers Housing Refinance Loan Cost
Starting June 2nd, it will be easier, and less expensive to refinance homes in rural areas.
The USDA announced that homeowners who are current on their mortgage and have been for a year will no longer need to secure an appraisal, provide a credit report or undergo a debt-to-income calculation when they refinance for a 30-year term.
USDA Rural Housing Service Administrator Tony Hernandez expects these changes to, “Bring increased capital to rural residents and the communities where they live and work.
Homeowners with USDA loan guarantees who want to refinance should contact their lender about the refinancing procedures.
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