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Understanding the Streamlined Assist Refinance USDA Loan

The USDA streamlined assist refinance program is a way for homeowners with USDA loans to save money on their monthly mortgage payments.

Kate Wood
Chris Jennings
Updated
The USDA streamlined assist refinance program lets eligible homeowners refinance their existing USDA loans without undergoing a credit check, getting a home inspection or having their debt-to-income ratio calculated.
The program is available to homeowners with USDA guaranteed loans, which are backed by the U.S. Department of Agriculture but provided by approved lenders, and USDA direct loans, which are issued by the USDA's Rural Development Guaranteed Housing Loan Program.
Here's what you need to know if you have a USDA loan that you're looking to refinance.
» MORE: The basics of USDA loans

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How to qualify for a USDA streamlined assist refinance

In order to refinance through the streamlined assist program, you'll need to meet the following USDA requirements:
  • Have paid your current USDA mortgage on time for at least 12 months before refinancing.
  • Reduce your monthly payment by at least $50 by refinancing. 
  • Be within the USDA's single-family housing income limits, which vary by location and the size of your household.
  • Be one of the original borrowers. You can add a new borrower to your loan, but you can't typically remove any of the existing borrowers. (For example, if you were divorcing and needed to remove one partner from the mortgage, you couldn't do it with a streamline assist refinance.)
  • Choose a new loan term of 30 years or less.
  • Get a new mortgage rate that’s fixed and lower than your existing rate.
Also, if you live in an area that's become more developed and is no longer deemed "rural" by current USDA eligibility guidelines, you can still refinance your USDA loan with the streamlined assist program.
» MORE: See top refinance lenders

Mortgage loans from our partners

NBKC

at NBKC

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4.5
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Min. credit score

620

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New American Funding

at New American Funding

New American Funding
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Min. credit score

N/A

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GO Mortgage

at GO Mortgage

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620

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What are the benefits of a USDA streamlined assist refinance?

A streamline assist refinance has fewer hoops to jump through than a regular rate-and-term USDA refinance. With a USDA streamlined assist refinance:
  • Your lender won’t require a new appraisal. 
  • You don't need a credit check, and the lender doesn't have to calculate your debt-to-income ratio, or DTI.
  • You don’t need a home inspection.
Aside from requiring less paperwork, the USDA streamlined assist refinance boasts the same primary benefit of most non-cash-out refinances: lowering your monthly USDA loan payment.
» MORE: Is now the right time to refinance?

How much does a USDA streamlined assist refinance cost?

Because refinancing replaces your existing mortgage with a new one, you’ll still pay some closing costs, which generally range between 2% and 6% of the new loan amount and include:
  • USDA upfront fee: 1% of the loan balance
  • USDA annual fee: 0.35% of the loan balance
  • Origination fee: Varies by lender, but it’s typically 1% of the loan
  • Processing and notary fees and other administrative costs
With a USDA streamlined assist refinance, you can often roll the closing costs into your loan.
Ready to get started? Begin by finding a USDA-approved lender. You don't have to refinance through your current lender; in general, it's a good move to get quotes from at least three lenders so that you can compare your monthly and total costs, and find the best deal
» MORE: USDA home loan calculator

Mortgage loans from our partners

NBKC

at NBKC

NBKC
4.5
NerdWallet rating
Min. credit score

620

Min. down payment

3%

New American Funding

at New American Funding

New American Funding
4.0
NerdWallet rating
Min. credit score

N/A

Min. down payment

0%

GO Mortgage

at GO Mortgage

GO Mortgage
4.0
NerdWallet rating
Min. credit score

620

Min. down payment

3%

COMPARE MORE LENDERS
NerdWallet writer Robin Rothstein contributed to this story.
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