Embrace Home Loans Content for Loan Officers

Register today to receive updates by email!

  • Enter your email address to follow this blog and receive notifications of new posts by email.

    Join 46 other followers

USDA has a new “streamline” refi program — better than HARP for USDA Refi’s.

Posted by embracehomeloans on May 4, 2012

It’s only offered in 19 states.

Here’s the link to see if your state is one of them.

http://www.usda.gov/wps/portal/usda/usdahome?contentid=2012/02/0038.xml&contentidonly=true

Logo of the USDA Rural Development office, par...

Logo of the USDA Rural Development office, part of the Department of Agriculture. (Photo credit: Wikipedia)

USDA Rural Development estimates 235,000 homeowners will be eligible to refinance their loans, which is expected to save them considerable time and money. To be eligible under this pilot, borrowers must have made their mortgage payments on time for 12 consecutive months. They do not have to obtain new credit reports, property inspections or home appraisals. Refinanced loans must be at rates below the original interest rate. Terms cannot exceed 30 years. No cash out is permitted to the borrower.

The two-year pilot is open to homeowners in Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee. The performance of the pilot will be reviewed after two years to evaluate whether to continue it, terminate it or make it permanent.

Enhanced by Zemanta
About these ads

2 Responses to “USDA has a new “streamline” refi program — better than HARP for USDA Refi’s.”

  1. [...] USDA has a new “streamline” refi program – better than HARP for USDA Refi’s. (embracehomeloans.wordpress.com) [...]

  2. [...] USDA has a new “streamline” refi program – better than HARP for USDA Refi’s. (embracehomeloans.wordpress.com) 38.242149 -85.576818 Share this:TwitterDiggEmailFacebookRedditPrintTumblrMoreStumbleUponLinkedInLike this:LikeBe the first to like this post. [...]

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
Follow

Get every new post delivered to your Inbox.

Join 46 other followers

%d bloggers like this: