USDA Streamlined Assist Refinance
USDA Streamlined Assist Program
The United States Department of Agriculture (USDA) offers loan programs targeted 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 a simplified application process, relaxed eligibility requirements, and dramatically reduced fees.
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What is the USDA Streamlined Assist Program?
PennyMac customers can save money every month by lowering the interest rate on their home loan through a refinance. The USDA Streamline Assist loan requirements have been relaxed so its easier to qualify and it features a no-hassle application process. 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 are now eligible and that fees are being dramatically reduced.
Why a USDA Streamlined Assist loan?
Previously, this refi program required a one percent reduction in interest rate but now anyone gaining a minimum $50/month ($600/year) savings can qualify. The initial program was restricted to just 34 states, while the new program is nationwide with a guaranteed savings.
Best of all — as a PennyMac customer — your application process is streamlined for a simplified, quick close:
- No appraisal
- No strict FICO score requirements
- No hassle
Why Should I Choose PennyMac?
At PennyMac, our licensed loan officers are trained to make the USDA application process smooth and hassle-free. In addition to offering competitive rates and the high level of personalized service youd 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.
Theres nothing you can do better. Everyone was so wonderful during what was supposed to be a stressful loan refinance. We fought with your competitor for over five years to refinance but to no avail. PennyMac was able to get the process started within 24 hours of obtaining our loan from the competitor.