Can You Use the 100% Rural Housing Loan to Refinance?

The U.S. Department of Agriculture Rural Development Guaranteed housing loans are one of the few sources of 100 percent financing for a home purchase. The USDA loans have limits for the amount of income the applicant can earn and the location of the home. USDA-program financed homes must be in rural areas. The loan program can be used to refinance in limited circumstances.

A USDA home loan can be used to refinance only if the current home loan is an existing USDA guaranteed loan or a USDA direct loan. The existing USDA loan can be refinanced to a new USDA guaranteed loan if the result of the refinance will be lower principal and interest payments for the homeowner. Refinancing with a USDA loan cannot be used to take cash out as part of the refinance.

Home mortgage loans originated under the USDA Guaranteed Rural Housing Loan program are fixed rate loans with a term of 30 years. The cost of a loan is an upfront guarantee fee, which can be rolled into the loan balance. The guarantee fee is 2 percent for new loans and 0.5 per cent for a refinance USDA loan. The USDA loan amount can be up to 100 percent of the purchase price or 102 percent of the appraised value of the home.

To refinance an existing USDA loan with a new USDA home loan, the existing loan must be current with all payments made up to date. The income of the homeowner must be below the limits set by the USDA for the local area. Lender closing costs and the guarantee fee can be included in the loan if the total loan amount does not exceed 102 percent of the appraised value.

Although refinancing with a USDA does not allow a homeowner to take cash out from the refinance, funds can be included in the loan amount to pay for home repairs. Acceptable repairs are for exterior appearance and weather protection. The homeowner must obtain bids from licensed contractors and, if the repairs are approved, the funds to pay for the repair will be held in escrow until the repairs are complete.

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