US government refinance loans help eligible borrowers lower rates

HomeTrust Bank has a number of government refinance programs available in partnership with the US government. Some of these loans allow you to take cash out of your home equity to pay off debt, fund school or make home improvements. They offer lower rates and terms, and in many cases no down payments are required.

FHA  (Federal Housing Administration) loan refinance

If you have equity in your home, a FHA refinance loan allows you to use that equity to pay off debt or make a large purchase. These fixed- or adjustable-rate loans may lower your interest rates and help stabilize monthly payments. Available for homeowners whose home is their principal residence, these loans are a good option for those with existing FHA or adjustable-rate conventional loans.

FHA refinance options include

  • Cash-Out Refinance.
  • Streamline Refinance.
  • No Cash-Out Refinance.

USDA Refinance loans

Do you have a current USDA (United States Department of Agriculture) loan? If so, you are eligible for a Streamline Assist refinance home loan.  This loan allows eligible homeowners to receive a lower interest rate regardless of the home loan-to- value cap.  There are no appraisals or home inspections required, and no out-of- pocket costs because closing costs can be included.

USDA Streamline Assist refinance basics

  • No late mortgage payments for at least a year.
  • Mobile or manufactured homes are not eligible.
  • No cash outs are permitted.

VA Refinance loans

The Veteran’s Administration (VA) helps service members, veterans, and eligible surviving spouses by offering a Cash-Out Refinance Loan. This allows you to take cash out of your home equity to pay off debt, fund school or make home improvements. It can also be used to refinance a non-VA loan into a VA loan.

A VA Interest Rate Reduction Refinance Loan (IRRRL) is also available if you have an existing VA guaranteed loan. Its purpose is to lower the current VA loan interest rate and reduce monthly payments. Your existing eligibility is not affected by the new VA refinance loan. You are not allowed to receive any funds at closing from the loan proceeds.

Let our mortgage experts help you get a US government guaranteed refinance loan now!