Streamline Assist loans let you refinance with no out-of-pocket costs

If you have a USDA (United States Department of Agriculture) loan, also known as a Rural Housing Loan, you are eligible for a Streamline Assist refinance home loan. This refinance rural development loan allows eligible homeowners to receive a lower interest rate regardless of the home loan to value cap.

  • Even if your home value has decreased recently, no appraisals or home inspections are required.
  • There are no out-of- pocket costs because closing costs can be included.

USDA loans, including this refinance loan, are a government loan program from the Department of Agriculture in partnership with an approved lender such as HomeTrust Bank. The purpose of this loan is to help people in rural residences who have lost equity in their homes due to market changes.

USDA loans support HomeTrust Bank’s commitment to supporting community and improving quality of life in our rural areas.

USDA Streamline Assist refinance requirements

  • You must have a USDA or Rural Housing mortgage.
  • The new term of the USDA refinance must be a 30- year fixed-rate mortgage.
  • The new proposed monthly payment must be a minimum of $50.00 lower than your current payment to qualify for the streamline refinance.
  • The new loan may include the principal balance of the existing loan, the upfront USDA guarantee fee of 1% and closing costs.
  • No mortgage late payments in the last 12 months are permitted.
  • Mobile or manufactured homes are not included.
  • No cash out is permitted.
  • You must be employed at closing on the refinance or have alternate income sources.
  • Income verification for all adult household members is required for USDA income eligibility only.
  • You are eligible even if the property is NO longer located in a current eligible or approved map location.

 

USDA 30-year fixed rate mortgage example:

Assuming a loan amount of $194,300 with 0% down payment, at an ANNUAL PERCENTAGE RATE (APR) of 4.067%, you would make 360 monthly payments of $858.99. Monthly payments do not include taxes, insurance and monthly USDA guarantee fee – actual obligation may be higher. Property must be a single-family, owner-occupied primary residence.

APR and terms subject to credit approval. Rates may be higher depending on individual circumstances including credit score, loan-to-value ratio and requested loan amount. APR valid as of 2/16/2017.