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Thursday, December 12, 2013
What are the requirements for refinancing a Ky Rural Housing USDA 502 Direct and Guarantee Loan?
How to refinance a Kentucky Rural Housing and USDA Loans for Rural Development Refinance of 502 Direct and Guaranteed Loans "
Existing Ky RHS 502 Direct and Guaranteed borrowers are eligible to
refinance their current Kentucky USDA loan when eligibility requirements of RD Instruction 1980-D are
met along with the following:
1) The refinance loan will reduce the current interest rate by 100 basis points (1 percent) or
2) The existing loan to be refinanced was closed at least 12 months prior to the Agency's
receipt of a conditional commitment request for refinance;
3) The borrower has been current on their existing USDA loan for the 12-month period prior
to the conditional commitment request for refinance; and
4) The new principal, interest, taxes, and insurance (PITI) monthly amount is less than the
monthly PITI amount of the existing loan.
Streamlined refinance. An appraisal is not required; however, the refinance loan
amount may not exceed the original loan amount (i.e. the original purchase loan amount will establish the maximum loan amount of the refinance transaction).