We use cookies to improve your experience. By continuing, you agree to our use of cookies.
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
Buy
Apply Now
Ready to start your home buying journey? Apply now and get pre-approved for your mortgage.
Purchase Rates
Know the rates, know your options. Start building your homeownership plan today.
Monthly Mortgage Calculator
Get a clear picture of your monthly mortgage payment using your rate, credit score, and down payment information.
Affordability Calculator
Not sure what fits your budget? This calculator factors in your income, debts, and down payment to help you find the right price range.
Refinance
Apply Now
Ready to lower your rate or tap into your equity? Apply now and start your refinance journey with confidence.
Refinance Rates
Rates can change fast. See today’s options and discover potential savings on your mortgage.
Refinance Mortgage Calculator
Wondering how refinancing will affect your monthly payments? See how much you can save.
Cash-Out Refinance Calculator
See how much equity you can tap into. Estimate your new mortgage payment and compare loan options.
Rates
Resources
Calculators
Free, interactive mortgage calculators that can help you along the journey toward your home ownership goals.
Blog
Learn more. Stress less. Our blog breaks down what you need to know to buy, refinance, or plan ahead.
FAQs
Check out our FAQs to learn more about Total Mortgage, mortgage lending, home refinancing, and more.
Loan Programs
Navigate all our programs and find the perfect loan for you.
Customers
About
USDA Streamline
<p class="MsoNormal">This loan requires as little as 0% down, and comes with the added benefit of saving you money in interest.</p>
Benefits
Minimal Home Equity Required
With a USDA Streamline, you can refinance up to the full value of your home, even if you have minimal equity.
No Appraisal or Inspection
No home appraisal or inspection is required in most cases, saving you time and money.
Flexible Credit Requirements
USDA does not require a minimum credit score, and in some cases, no credit check may be needed.
Lower Monthly Payments
You must reduce your monthly mortgage payment by at least $50 when refinancing with the USDA Streamline-Assist Refinance.
USDA Streamline Refinance Information
<p>A USDA Streamline Refinance lets homeowners with a USDA loan switch to better terms or lower their interest rate with minimal paperwork, no appraisal, and no home inspection in most cases. This refinance option can provide significant advantages for those seeking to improve their mortgage terms. To better understand how a USDA Streamline Refinance can fit into your financial plans, you can start by <a href="/apply">speaking to one of our seasoned experts</a>.</p>
How Does a USDA Streamline Refinance Work?
<p>Here's a simplified explanation:</p><ul><li>Minimal home equity required: You can refinance up to the full value of your home.</li><li>No appraisal needed in most cases.</li><li>No home inspection necessary for properties where you already reside.</li><li>Flexibility with credit, though requirements may vary by lender.</li></ul>
Exploring Different Types of USDA Streamline Refinance Loans
<p>The USDA Streamline Refinance is available in two options:</p><ul><li>USDA Streamline-Assist Refinance</li><li>USDA Standard Streamline Refinance</li></ul><p>The Streamline-Assist option offers easier qualifying criteria without requiring a credit check or income verification, while the Standard Streamline requires stricter qualifications but provides similar benefits.</p>
Qualifying for a USDA Streamline-Assist Refinance
<p>To qualify, you must:</p><ul><li>Live in the home as your primary residence.</li><li>Have a USDA loan that's at least 12 months old.</li><li>Have made 12 consecutive on-time payments on your existing loan.</li><li>Lower your monthly mortgage payment by at least $50.</li></ul><p>No appraisal or inspection is required unless a subsidy was received on a USDA direct loan.</p>
Pros and Cons of a USDA Streamline Refinance
<p>Understanding the advantages and disadvantages of a USDA Streamline Refinance can help you make an informed decision about your mortgage options.</p>
Additional Pros
<ul><li>No home appraisal required in most cases</li><li>No home inspection necessary</li><li>Credit flexibility, with no strict minimum score required</li><li>Streamlined process with minimal paperwork</li><li>Potential to refinance up to 100% of your home's value</li></ul>
Cons to Consider
<ul><li>Only available for homes with existing USDA loans</li><li>Limited to primary residences only</li><li>May have stricter credit requirements depending on the lender</li><li>Closing costs may apply, although they can be rolled into the loan</li><li>Limited to lowering interest rates or changing loan terms (no cash-out option)</li></ul>