Government-Backed Loan
USDA Refinance
Already have a USDA loan? A USDA refinance can lower your rate or payment, often with less paperwork, when the new loan leaves you better off.
- ForHomeowners with an existing USDA loan
- OptionsStreamlined, Streamlined-Assist, Non-Streamlined
- AppraisalNot needed for streamlined options
- Cash outNot available
How It Works
Three ways to refinance a USDA loan.
USDA refinances are only for homeowners who already have a USDA loan. The Streamlined-Assist option asks for the least paperwork and can include closing costs, the Streamlined option skips the appraisal, and the Non-Streamlined option uses a new appraisal and can include closing costs when the value supports it.
- 01
We review your current loan
We confirm your loan is USDA guaranteed or direct, your payment history is on time and the home is still your primary residence.
- 02
We match you to the right option
Each option has its own rules on appraisal, credit review and benefit to you. We show you which one your situation fits.
- 03
We price it across our lenders
Pricing and lender requirements vary. We compare your options and show you whether refinancing is worth it.
Program Highlights
Why homeowners refinance with USDA.
- Three options for existing USDA borrowers
- Streamlined options skip the new appraisal
- Streamlined-Assist asks for the least paperwork and must lower your payment
- Non-Streamlined can include closing costs if the new appraisal supports it
- Household income must still fit the current USDA limit
- Available for primary residences only
Common Questions
What homeowners ask about USDA refinancing.
Yes. If you have a USDA guaranteed or direct loan, you can refinance into a new USDA guaranteed loan through one of three options, Streamlined, Streamlined-Assist or Non-Streamlined, as long as you meet the program's requirements.
Streamlined-Assist needs the least paperwork, usually no appraisal and a limited credit review, and the new loan must lower your monthly payment by a set amount. Streamlined skips the appraisal but involves a fuller review. Non-Streamlined uses a new appraisal and can roll closing costs into the loan when the value supports it.
Your current loan must be a USDA loan, you must still live in the home, and you need an on-time payment history for the period USDA requires. Under current USDA rules, household income must also be within the limit for your county. Streamlined-Assist must provide a set reduction in your payment.
No. USDA refinances are for lowering your rate or payment, not for borrowing against equity. If you need cash, an FHA or conventional cash-out refinance or a HELOC may fit, and we can compare them.
No. USDA refinancing is only available to homeowners who already have a USDA loan. If you have another type of loan, we can look at FHA, VA or conventional refinance options.
Not for the Streamlined or Streamlined-Assist options. The Non-Streamlined option requires a new appraisal, and it can include closing costs up to the new value. Streamlined-Assist can also include closing costs; the Streamlined option cannot.
General information only, not a commitment to lend. Loan programs, guidelines, interest rates and terms are subject to change without advance notice.
See if a USDA refinance pays off across 50+ lenders.
Tell us about your current USDA loan. We will show you which option fits and what it would change for you.