Why it’s a good time to refinance rural home loans
06/02/2016 | Author: Editorial Staff
As of today, homeowners current on their United States Department of Agriculture mortgages for the past 12 months will no longer have to get an appraisal, provide a credit report, or undergo a debt-to-income calculation when they refinance their loan for a 30-year term. This change applies to mortgages issued through USDA and those for which the USDA has issued a loan note guarantee.
These changes are intended to make the refinancing process quicker and cheaper. According to the USDA, a pilot refinancing program like this launched in 2012 has helped nearly 9,500 homeowners save an average of $150 a month from refinancing their loans.
Learn more about the changes on the USDA’s website.
No comments have been submitted for this entry.
Leave a Comment
The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.
While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.