Refi FmHA

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Now Is The Time To Refinance

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FmHA Guaranteed Rural Development Refinance Loan

Recent legislative changes, effective May 15, 2001, now authorize the USDA Guaranteed Rural Housing Program to be used for both purchase and refinance loans.

If your existing home loan is a "USDA 502 Direct Loan" or a "Guaranteed Rural Housing Loan" (GRH), you may benefit by lowering your current interest rate with this new USDA Guaranteed Rural Housing Refinance Loan Program.

Several features of this new program are as follows:

Fixed rate with 30 year term only.

Original loan must be GRH or 502 Direct.

Max loan amount cannot exceed the balance of the loan being financed, plus the guarantee fee, closing costs, including a new escrow account.

Owner occupied - primary residence only.

A 1/2% guarantee fee applies, can be financed in the new loan.

Current household income limits do apply.

This is a no cash out loan.

If closing costs are not financed an appraisal may not be required.

No property inspections are required.

Recapture amounts for 502 Direct Loans can be included in the new loan amount at a 25% discount, or subordinated to the new loan.

Call Today and one of our Mortgage Professionals will analyze your current USDA loan to determine if refinancing can lower your mortgage payments.

FmHA Rural Development Income Limits

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