USDA to USDA Refinancing Is BackDate: July 01, 2016
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The U.S. Department of Agriculture Rural Development program will start providing Conditional Commitment for the Single Family Housing Loan Program for refinance transactions in fiscal year 2017, which started October 1, 2016. The new Guarantee Fee will be 1% of the loan amount.
Conditional Commitment means that USDA will provide their loan approval "subject to the availability of congressionally appropriate funds." Lenders can continue to close these loans as scheduled and as soon as these funds become available then the Loan Note Guarantee requests will be processed by USDA.
What this means to you. If you currently have a USDA loan you can now refinance the mortgage into a new USDA loan and take advantage of today's historically low interest rates.
To learn more about your refinancing options through the USDA Rural Development Loan Program complete contact form or call (866) 552-5912 to speak to your local Maryland loan professional.