Can I refi a underwater USDA loan for a lower interest rate?

Yes. Like VA and FHA, USDA does allow for a streamline (no appraisal) refinance. USDA does not allow any of the closing costs to be rolled into the new loan. This means you must pay for all of the costs either by bringing the funds to closing or by premium pricing (higher rate generates $ for closing costs). ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Let me check on that for you! I have so many programs right now for Fannie Mae/Freddie Mac but I haven't seen much on USDA.I'll let you know shortly!Shertina SpencerKaye Financial Corp.SSpencer@CTCFinancing.com

how far underwater? Loan amt vs. appraised value? Right away, I found some of my lenders that will go up to 102% Loan to Value...

Yes it is possible to refi your current RD loan without an appraisal. You will however need all closing costs out of pocket. Please email me know if you would like to pursue this option further. Thank you.Jim Papatheodore, Michigan United Mortgage, NMLS ID 131478, Jim@LoanJim.com.

Yes you can. With an RD loan they have a streamline refinance option that does not require an appraisal. Let me know if I can help.

Yes you can with a streamline refinance option that does not require an appraisal. I can probably set it up so there are no out of pocket costs. Let me know if I can help at cmarcoux@newexecmtg.com. My name is Craig Marcoux with New Executive Mortgage NMLS # 135023.

Contact Craig.

Depends on how far underwater you are and what your last appraised value was.

The question can be answered quickly as you are looking for a lower interest rate and to figure that out, we would need to know what your current interest rate is. Also, you would need to meet a minimum credit score requirement and your property would still need to be USDA Eligible. No Appraisal would be needed and you would to have your new rate at least 1% less than your current rate. It is highly unlikely that your closing costs would be covered in your new loan through any lender credit as was noted already, but it may be possible if you have a larger loan amount to work from. Again, a lender credit that would be used to offset your closings costs (cash to closing) is usually obtained by offering a higher interest rate and that may cut into your required rate reduction needed to take advantage of the USDA Refinance. I'd be happy to help you look into your options if you'd like, so feel free to reach out to me directly through this site. Thank you and good luck!

USDA does not knowingly go over 102%, but because there is a USDA NO Appraisal option, it is fairly easy to refinance an underwater USDA mortgage loan. www.MortgagesUnlimited.biz/USDA

Yes, you can no problem Call Jack at 734-395-9027 for a free pre-qualification.

Yes it is possible to refi your current RD loan without an appraisal. You will however need all closing costs out of pocket. Please email me know if you would like to pursue this option further. andrew@doubleamortgage.com