USDA Streamlined Assist Refinance
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 a simplified application process, relaxed eligibility requirements and dramatically reduced fees for existing USDA borrowers.
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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 its easier to qualify and, with no need for appraisals, the application process is greatly simplified. 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.
Best of all — as a PennyMac customer — the application process is simple and we can close your new loan quickly. Here are some other great reasons to start saving with a USDA Streamlined Assist loan:
- No appraisal
- No strict FICO score or debt-to-income ratios
- No maximum loan amount
Why Should I Choose PennyMac?
At PennyMac, our licensed loan officers are trained to make the USDA application process as smooth as possible. 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.