The Kentucky Rural Refinance Pilot for Kentucky USDA Homeowners feature as described in AN 4749 is set to expire on March 31, 2015. However, we received confirmation from USDA National that the feature will continue beyond March 31st and there will be no interruption Rural Housing Refinance Pilot Program
Here are some highlights of the Kentucky Rural Refinance Pilot for Kentucky USDA Homeowners.
--Can refi even if the property is no longer in an eligible area (true for all USDA refi features)
--No Appraisal needed
--No inspections needed
--No credit determination need for underwriting
--Debt ratio waiver requests are not necessary
--Can finance normal and customary closing costs
--Must have an existing USDA loan
--Meet current household income thresholds
--Made timely mtg pmts for the last 12 months
Subject to credit investor approval. Not all lenders will go by the USDA published guidelines and they will create overlays that may sometimes prevent you from participation in this program.