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The other refinancing programs are USDA standard streamline programs. This program too does not require any appraisal but homeowners need to provide proof of their current income and meet a few debt-to-income requirements.\u00a0<\/p>
The closing cost cannot be rolled into a new loan.\u00a0<\/span>As per this particular option, there is no requirement to drop the payment by $50 and as long as at least one of the original borrowers remains on the loan the current borrower listed on the note can be removed.\u00a0<\/span><\/p>This program is beneficial especially in the case of a divorce.<\/span><\/p>Another option is Fannie Mae and Freddie Mac\u2019s – non-streamlined refinance. This loan requires an appraisal.\u00a0<\/p>
And, the maximum loan amount eligibility is 100 % of the home\u2019s current value and the new guarantee fee. It also needs credit and income requirements.\u00a0<\/p>
This type of loan may be sought by a borrower in order to avoid the $50 payment reduction requirement for the streamlined option or to un-list a borrower from the note.\u00a0<\/p>
This non-streamline option allows the borrower to roll their closing costs into the new loan.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t