Kentucky USDA Streamline Refinance – USDA to USDA Refi

Kentucky USDA Streamline Refinance – USDA to USDA Refi
• Costs can NOT be rolled into loan, but NO appraisal rquired
• 640 Minimum Credit Score
• New Guarantee fee is 2.75%, new Annual MI is .5%
• Full Credit Qualifying – Income and assets must be stated, just as any r/t refinance
• 29/41 ratios, manually underwritten. NO GUS is run.
• Interest rate must be 100 bp lower than loan being refinanced (1 full point)
USDA “Pilot” Streamline Refinance  Kentucky, 
• 640 Minimum Credit Score
• Must have made timely mortgage payments for the 12 months period prior to the refinance
• A Rural Refinance Pilot loan may include the existing principal balance of the loan, accrued (non-delinquent) interest, eligible closing costs & pre-paids, plus the upfront guarantee fee. The applicable upfront refinance guarantee fee is 2.75%.
o Closing costs and pre-paids can also be paid in cash…