USDA Streamlined Assist Refinance

To qualify, you should meet the following requirements:

• The property is your primary residence
• Your current mortgage is a USDA loan
• Your USDA loan is at least 6 months old
• You have made the monthly payments for your loan on time for the last 6 months
• You are the original borrower
• Your eligible payment savings must be at least $50 or more every month

Refinancing your USDA loan through the Streamlined Assist program can help you save and free up some cash flow by lowering your rate and monthly mortgage payment. You must have a minimum monthly payment savings of $50 ($600 per year) to qualify. Here are some additional benefits:

• Skip the appraisal — Since you would have a current USDA loan, you already went through the appraisal process when you bought the home. You also would not be taking any cash out of your equity with this specific type of refinance. Therefore, using the Assist program doesn't usually require a new appraisal. This simplifies the process and makes it easier for you to quickly save on your monthly payment.
• Avoid a home inspection — You already own the home and have gone through the loan approval process, so you don't need to worry about paying for another official inspection.
• Benefit from more flexibility on credit — With the Streamline Assist program for current Pennymac USDA loan holders, you should be able to avoid a new credit check to qualify for a money-saving refinance.
• Choose to roll your closing costs into the loan — You should typically be able to roll any associated costs of the refinance straight into the new loan, avoiding having to pay anything up front and maximizing your immediate cash flow.

To explore your personalized USDA refinancing options, connect with a Pennymac Loan Expert today.