Refinancing a USDA Mortgage

Go to this website and see if you still qualify: http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.doThe income section; A USDA to USDA refi rates are very low right now; lower then FHA and Conventional; please try if you can; otherwise we can look at other options.Mike Humphrey BNC National Bank 913-207-4327

Yes, your income will still be a factor if you're refinancing with a USDA loan.

Congratulations on your promotions and pay raises ! Your income will certainly be a factor. The issue with refinancing a USDA loan is that you typically have to repay a balance that exceeds what you originally borrowed. It is one of the downfalls of having such a loan. I would suggest doing some homework on your own before you venture out into the marketplace. Check and see what similar homes to your own are selling for, so that you can determine an estimated value on your home. Then there is a simple way of determining your income eligibility by estimating your debt to income ratio- Take your total household income and your total household liabilities (including your yearly property tax and yearly home owners insurance) and divide your income by your liabilities and that will give you a percentage. If your percentage is 45% or less you will likely have no income issues. That percentage would be ideal for conventional financing- If your debt to income ratio is higher you still have financing options to choose from. You could refinance FHA and they sometimes consider debt to income ratios up to and exceeding 55%. Thank you for your question and good luck. If you have any further questions or would like a free quote, please give me a call or send me an e-mail.Best Regards,Craig S. Spaulding866-962-6698 Ext- 306togabroker2@yahoo.com