USDA Streamline Assist Refinancing Loans: FAQs

Perhaps you have been struggling to meet your monthly mortgage payments at the rate they are now because life happened, your income went down, or you had to take on more expenses. Perhaps you need some money because your HVAC system stopped working, you need a new roof, or your carpet looks like something from last century. In these instances, refinancing your home can become an ideal solution to your financial woes, but not every refinancing plan is a good move. USDA streamline assist refinancing loans are meant to be a simple and logical solution. Take a look at a few common questions so you can get to know this refinancing option better. 

How do you qualify for a USDA streamline assist loan? 

Qualifying for a USDA streamline assist loan is easier now than it has ever been before. These loans are offered by multiple lenders, and the USDA has actually loosened their program requirements so that more people can qualify to get refinanced, so they do not lose the home they are in or allow the home to fall into disrepair because they have no funding. Most lenders do not require the house to be appraised again, either, which eliminates that costly part of the usual refinancing process. 

What are the benefits of refinancing with USDA streamline assist loans?

The greatest benefit of refinancing with a USDA streamline assist loan is the fact that you can usually garner yourself a lower interest rate or an easier-to-pay monthly payment. The lenders are able to offer these loans because they are backed by the USDA if something ever goes wrong and you do not make your payments. If you have a high mortgage payment that you are having a hard time paying every month, these loans can be extremely beneficial compared to traditional refinancing lenders who may only do so with higher interest rates. 

Are there any downfalls to refinancing with a USDA streamline assist loan?

For the most part, refinancing with streamline assist from the USDA is fairly straightforward and doesn't have a lot of downfalls. As it is with any refinancing loan for a home, the loan will usually mean you will be paying more for the house in the long run because you will be paying for it over a longer term. However, for most homeowners in a financial bind, this is well worth the tradeoff to get a smaller, more affordable monthly payment and possibly the money they need to make home repairs. 

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