Add contact information
NOTE: Because citations and other information may be subject to change please always consult the
program instructions listed in the section above titled “What Law Governs this Program?” You may
also contact your local oce for assistance. You will nd additional forms, resources, and program
information at www.rd.usda.gov. USDA is an equal opportunity provider, employer, and lender.
Last Updated May 2016
Single Family Housing Programs
Streamlined Assist Renance Loans
What does this program do?
The streamlined assist refinance option provides current USDA direct and guaranteed home loan borrowers with low or no equity
the opportunity to refinance for more affordable payment terms. Features of the program include:
• At least a $50 net reduction to
principal, interest, real estate taxes and
homeowners insurance (PITI) payments
compared to current PITI.
• No new appraisal required, except for
direct borrowers who received subsidy
during their loan term.
• Direct borrowers that owe subsidy
recapture may subordinate this amount
if they are unable to pay it in full.
• No credit review required, but we must
verify the mortgage was paid as agreed
for 12 months prior to the refinance
application.
• No home inspections or calculation of
debt ratios.
Who may apply for this program?
Current USDA direct and guaranteed rural homebuyers who
have been current on their mortgage for 12 months prior to
requesting loan refinancing may apply. Applicants’ income
may not exceed the adjusted annual income limit for the
county or metropolitan statistical area where the dwelling
will be located. Check income eligibility for the program.
Properties no longer located in an eligible rural area remain
eligible for a refinance transaction. Borrowers may apply
through USDA approved lenders that participate in the
streamlined assist refinance loan program.
All original borrowers must remain on the note post-
refinance. New borrowers may be added to the loan.
How may loan funds be used?
The refinance may include the principal loan balance,
accrued interest, the upfront guarantee fee, and other
eligible loan closing costs.
What are the loan terms?
The interest rate may not exceed the current rate of the
loan being refinanced, and it may not exceed the maximum
allowable rate for the date the interest rate is locked. The
loan term may not exceed 30 years.
How do we get started? Who can answer
questions?
Applicants must contact a USDA approved lender.
Contact the USDA Rural Development Guaranteed Loan
Coordinator in your state if you have questions or need
more information about streamlined assist refinance loans.
What law governs this program?
• 7 CFR Part 3555
• HB-1-3555 SFH Guaranteed Loan Program Technical
Handbook
