Texas Home Loan
Insider Angelo Christian

USDA also offers refinance options at a discounted rate. With this program it’s a 100% mortgagee so there would be no down payment to refinance and all the closing costs can be covered through the closing as well. The USDA loan guarantee is also drastically reduced to .5%--2% depending on the funding for the USDA.

There is also no PMI you have to pay for a USDA loan on a refinance. Closings take about 4—6 weeks to process. You will also get a discount in the closing costs and title fees, if you refinance within three years from when you bought the home you can get up 30% off the title policy.

Other facts about the USDA refinance loan

1. cash out is not eligible
2. not eligible for manufactured homes
3. must be In approved USDA location
4. have paid your mortgage payment satisfactorily
5. income must be within the approved county limit