How do I go about refinancing a Rural Development loan?
If you refinance a Rural Development loan through a different lender's loan, will the new lender take the place of the Rural Development? Will I lock in at a low rate and pay the bank off instead of the USDA?
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Answer by Bob
You can refinance a Rural Development loan with another Rural Development loan through your current lender or through any lender that offers the program. USDA offers a streamlined refinance program that will allow you to refinance your existing balance without a new appraisal. Closing costs cannot be added to the loan.
If you have enough equity and meet income and credit guidelines you can also refinance to conventional or other types of loans.
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