Why it’s a good time to refinance rural home loans

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A manual calculator, a toy house, and a fan of $100 bills resting on top of blank forms

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

Categories: Homeowners
Tags: homeowners, mortgages, refinancing, usda


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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.

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