How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?

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The individual took the loan out quite awhile back, when she was a struggling single mother. Now she is making around 80K per year, and doing fine. Wants to refinance so as to consolidate debts into a low interest, low payment fixed loan. The prospective mortgage companies won’t touch her existing loan due to the fact that it is a USDA loan.

2 Comments
  1. Reply
    Net Advisor
    April 30, 2011 at 12:17 am

    Sounds as if she is in a government program. A lot of banks won’t touch these loans because they are risky. So the government makes tax payers flip the bill.

    Check with other lenders.

    http://www.fsa.usda.gov/FSA/webapp?area=home&subject=fmlp&topic=landing

  2. Reply
    pennock.judy
    April 30, 2011 at 1:16 am

    Whenever you can find an institution that will buy it and refinance it to you. But, you wouldn’t be able to afford their interest rates. I would suggest that you contact USDA and see if they could apply a moritorium for you for delayed payments and possibly, they may even refinance it for you if you can meet their standards for this action.

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