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.
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