Any feedback regarding Congressional Bank: USDA Streamline Refinance program? I don't know anything about Congressional Bank or the program. The pre-approved postcard states the program is designed to allow USDA homeowners to take advantage of historically low rates without having an appraisal or minimum income requirements.
Requirements:
Must have USDA loan
Must be current on mortgage payments
Minimum mortgage score of 581 (only consider middle score and mortgage info: DTI is a non factor)
No bankruptcy in last 12 months
No foreclosure in last 2 years
Benefits:
No Appraisal
No Minimum Income Requirements
No Out-of-Pocket Closing Costs (rolled into loan)
No Application fee
No Lender Fee Option
Other things to consider:
1% guarantee fee
100% LTV
60 day closing schedule
30 year fixed rate
3.250% Rate (3.664% APR)
Skip approx. 2 payments
Any pros/cons on Congressional Bank and/or the USDA Streamline Program? I'm in the infancy stage of researching/considering a refi to lower monthly payment (currently $943 a month) and interest rate (currently 5.25%). I'm 264 months (9 years) into the 360 month term (30 years) with Chase Bank. Original loan amount: $154,000, Current balance: $132,000. Middle mortgage score: 682 (best I can do, still GW'ing paid collections, less than 1% util). My initial thoughts are to leave well-enough alone as I will be starting the 30-year clock all over again. I have spoken with a Congressional Bank Mortgage Broker, but haven't given authorization for him to move forward with the application and pulling of scores. I'm in the infancy/planning stage at this moment. Thoughts, suggestions, comments, concerns are all welcomed! Would you consider this option if you were me?
Current FICO 8s: Ex 768, Tu 741, Eq 741
Current FICO 9s: Ex 775, Tu ?? Eq 781
Total TLs: $120,000
8 (30-60 day) mortgage lates and 2 (30 day) auto lates remain from Jan., Feb. 2016
Current Mortgage Ex. Fico 2 787
