Mortgage Refinancing

Simplify Your Mortgage Refinancing with Allied First Bank of The Carolinas

USDA Rural Streamline Refinance Loan

The USDA Streamline Refinance Loan is intended for individuals who have an existing USDA home loan and are looking to reduce their interest rate. This option is modeled after other popular streamline refinance loans, such as the successful VA Interest Rate Reduction Refinance Loan (VA IRRRL).

What Are The Benefits?

The advantage of the USDA Streamline Refinance Loan is the simplified process that makes refinancing easier. Since you already have a USDA home loan, you have already met the qualification criteria, eliminating the need for redundant documentation. The streamlined process shortens the time it takes to close on the loan and requires less paperwork. Moreover, unlike other refinancing options, there is no requirement for property inspection, and the closing costs can be rolled into the financing, reducing the upfront payment required.

To qualify for a USDA Streamline Refinance Loan, you must meet certain criteria as defined by the USDA:

  • The mortgage that is being refinanced needs to be a USDA home loan
  • The mortgage that is being refinanced needs to be current and not delinquent
  • The refinance needs to result in the lowering of the borrower’s monthly payment and interest payments
  • No cash may be taken out of the mortgage to pay for anything other than the existing loan

Home Improvement Financing?

If you have a USDA Rural Home Loan and are planning to refinance for the purpose of making home improvements, the USDA program requirements permit financing of up to 102% of the appraised value of the home. This means that you can cover the cost of improvements made after the loan has closed.

Request a Consultation with an Allied First Bank Loan Specialist

Allied First Bank of The Carolinas

  • Michael Parker
  • info@afbcarolinas.com
  • (800) 697-4371
  • MPO NMLS#: 457569
  • AFB NMLS#: 203463
  • 3804 Peachtree Ave.
  • Suite 200
  • Wilmington, NC 28403

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As a condotel lender, we specialize in offering financing for a wide range of condominiums, including condotels. Our services encompass condotel loans and loans for non-warrantable condo projects. If you're having difficulties finding condotel financing for the condo hotel you have your sights on, don't lose hope! Our goal is to assist you in acquiring the property you desire.

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