Homeowners with an existing USDA mortgage may be eligible to refinance their USDA loan. Refinancing your loan could lower your rate, change your loan term or allow you to switch from an adjustable rate mortgage to a steady fixed rate loan. There are two types of USDA refinance loans, also known as “rural development loans”.
USDA Streamline Refinance
If the interest rate on your USDA mortgage is higher than the current rate, refinancing your loan may be an option. In order to participate in the USDA Streamline Assist refinance you must be current on your mortgage payments and use the property as your primary residence.