USDA Streamlined Assist Refinance
PennyMac Was Named the Best Mortgage Lender of 2018 for USDA Loans by U.S. News and World Report
- No appraisal
- No strict FICO score or debt-to-income ratios
- No maximum loan amount
USDA Streamlined Assist Program
The United States Department of Agriculture (USDA) offers loan programs to homeowners with low to moderate household incomes that live in areas designated as rural by the USDA. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the quality of life in rural areas.
The USDA streamlined Assist is a newly expanded refinance loan product with relaxed eligibility requirements and dramatically reduced fees for existing USDA borrowers. Best of all — as a PennyMac customer — the application process is simple.
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What is the USDA Streamlined Assist Program?
Current USDA borrowers can potentially save money every month by lowering the interest rate on their home loan through a refinance. * The USDA Streamlined Assist loan requirements have been relaxed so it’s easier to qualify and, with no need for appraisals, the application process is streamlined. Many borrowers who were not eligible for the previous versions of this loan product, or who found its fee structure prohibitive, will be pleased to find they may now be eligible and fees are being dramatically reduced.
*By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Why a USDA Streamlined Assist loan?
The Streamlined Assist loan can save you money on your monthly bills. The loan requires a minimum monthly payment savings of $50 ($600 per year) to qualify.
More About the Streamline Refinance Program
The Streamlined Assist refinance product is a new USDA Loan Program modeled after a pilot product launched in 2012 for 34 states. That program was not accessible to all borrowers because it contained a requirement that the interest rate be reduced by a minimum of 1%. The new program no longer requires the 1% improvement and, for greater flexibility, instead requires just a tangible benefit to the borrower of $50/month ($600/year) or greater reduction in principal and interest, including the annual guarantee fee.
The new product is available nationally and is available to anyone with a USDA loan. On an average loan of $165,000, eligible customers could save an extra $2,877 in upfront fees.
Why Should I Choose PennyMac?
PennyMac is one of the top USDA lenders in the country. In fact, the company was named as a NerdWallet “Best Online Mortgage Lender of 2018”. In addition to offering competitive rates and the high level of personalized service you’d expect from PennyMac, you also have the benefit of working with a direct lender who can address any of your concerns immediately, without the middleman.
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