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USDA Rural Housing Refinance without appraisal

USDA Rural Housing Refinance

A USDA Rural Housing refinance not requiring an appraisal may be the answer to reducing your overall mortgage payment.

With the depreciation that has happened in Utah and across the country many homeowners are struggling to find a solution to refinancing their USDA mortgage. Most have tried however have been unsuccessful because their home isn’t worth what they originally paid for it.

Mortgage interest rates are the lowest I have ever seen them and I know most homeowners that have not refinanced would if they were able. If you currently have a USDA loan and are unable to refinance because you are upside down (owe more than what your home is worth) or close I have the answer.

USDA has a special program that will allow you to refinance your mortgage regardless of what your home is worth. You will receive a brand new USDA Rural Housing loan with a lower mortgage interest rate. There are some requirements however.

1. Currently you must have a USDA Rural Housing loan
2. Be current on your mortgage and not have any 30+ days late in the last 12 months
3. Acceptable Credit Report
4. Acceptable job history and income

The process is similar to when you obtained your original purchase loan with USDA. You will still have to qualify for the loan, however the value of your home is not considered.

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