USDA Streamline Refinance

[Anonymous]

Has anyone recently done a USDA streamline refinance?

Any hiccups along the way?

How long did it take?

Any advice?

[NC_Mtg_Loaner]

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@Anonymous wrote:

Has anyone recently done a USDA streamline refinance?

Any hiccups along the way?

How long did it take?

Any advice?

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They have very strict guidelines---be sure your current lender is qualified to pull it off.

I know at my company we don't do USDA Streamline refi's.   

The only other advice I'd provide is to consider the time you've been in your current loan, the current value of your home now to see if you simply can't jump to a conventional loan where you have lower or no MI altogether.

[Anonymous]

We currently have a USDA guaranteed. We are only a year and a half into our current mortgage with 90%+ LTV @ 4.375%. USDA streamline seems to be the only way to go without paying a really high PMI especially with our credit scores in the upper 600s. We can refinance at 2.75%. 

I'm curious as to people's personal experiences with USDA streamline. Our USDA guaranteed loan went fairly easy the first time around.

[NC_Mtg_Loaner]

What's the mortgage balance?

[Anonymous]

$333,000 out of $341,000