Does anyone have any experience with refinancing a USDA Direct 502 loan? I have no idea where to begin. My original plan was to refinance so that I could use the equity to pay off some debts, however, in researching online this is not an option if I stay with the USDA. I would like to refinance/remortgage with a conventional loan or possibly an FHA loan. My husband and I both earn more income than five years ago when we decided to go for the USDA loan and we barely get anything from the subsidy anymore. It was my understanding that once that happens I would need to find a conventional loan anyway. Has anyone ever done this? How hard/easy is it? Any insight would be greatly appreciated.
