DEFINITION of 'USDA Streamlined Refinancing'
A mortgage-refinancing option offered by the United States Department of Agriculture (USDA). USDA streamlined refinancing is available to homeowners who purchased their home using a Section 502 loan, which is a loan available to low-income individuals and households in rural areas. The refinancing option is available in all U.S. states and territories.
INVESTOPEDIA EXPLAINS 'USDA Streamlined Refinancing'
USDA streamlined refinancing is for a fixed-rate loan with a 30-year term. The interest rate must be lower than the interest rate of the loan being refinanced. The USDA does not require an appraisal on a streamline refinance, but does require a credit report to be available.
The property being refinanced must be the borrower’s primary residence, but does not have to be located in a currently eligible rural area. Homeowners do not qualify if they are refinancing a loan offered by the FHA, VA, Fannie Mae or Freddie Mac.
The phrase “streamline refinance” refers to the reduced amount of paperwork and underwriting that the lenders must work with.
A temporary postponement of mortgage payments.
A permanent change in a homeowner's home loan terms that makes ...
A mortgage-refinancing option offered by the United States Department ...
A type of home loan used for refinancing for which the lender ...
A type of mortgage for which the lender does not require an independent, ...
A mortgage that does not require an appraisal of the property’s ...