Friday, October 7, 2016

Kentucky RHS USDA Streamline Product: 'Streamline Assist' Refinance USDA Loan

Kentucky RHS USDA Streamline Refinance Loan
Image result for usda rural housing refinance

Effective 1 October 2016, I  can offer the USDA Streamline Assist product for Kentucky USDA Mortgages

  • Min 600 FICO 
  • Subsidy recapture must be paid with other funds or subordinated to the new guaranteed loan
  • Max loan amount may include P&I balance of existing loan, eligible loan closing costs, funds necessary to establish tax and insurance escrow account and upfront guarantee fee
  • Borrower must receive a tangible net benefit to refinance under this option
  • Existing loan must have closed 12 months prior to request for refi
  • Borrower not required to meet all credit requirements as outlined in Chap. 10 of USDA Handbook. However, existing mortgage must be paid as agreed for the 12 months prior to application for a streamlined-assist refi
  • Borrowers may be added but not removed from current loan
  • Borrower not required to meet repayment provisions as oulined in Chap. 9 of USDA Handbook
  • GUS may not be utilized and all loans must be manually underwritten
  • Streamline-assist Refi:  new appraisal not required for existing guaranteed loan borrowers

If you have questions about qualifying as first time home buyer in Kentucky, please call, text, email or fill out free prequalification below for your next mortgage loan pre-approval.

The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only.  The posted information does not guarantee approval, nor does it comprise full underwriting guidelines.  This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the views of my employer. Not all products or services mentioned on this site may fit all people