Refinance Loans
USDA Refinance
Streamline refinancing can lower your rate without a new appraisal.
USDA streamlined-assist refinancing is one of the simplest refi programs in the entire market — no appraisal, no credit score minimum, minimal docs. Available to existing USDA-guaranteed borrowers in rural Washington who are current on payments and can save at least $50/month.
Key Features
- • No appraisal — even if underwater
- • No minimum credit score on streamlined-assist
- • Must save at least $50/month P&I
- • 12 months of on-time payments required
- • Rate-and-term only — no cash-out
- • 1% upfront + 0.35% annual guarantee fees apply
How it works
The USDA reuses the existing guarantee, which is why no appraisal or credit review is needed. The lender verifies your 12-month payment history, confirms the $50 minimum savings, re-checks income against current limits, and orders title. The new loan pays off the old one and the new guarantee fee rolls into the balance.
What this looks like in Washington
USDA loans are common in rural WA — Lynden, Sequim, Port Angeles, Shelton, Ellensburg, Moses Lake, Walla Walla, and the outer reaches of Whatcom, Skagit, Kitsap, and Spokane counties. Many of those homeowners financed in 2018–2022 and now sit on USDA loans worth streamlining. Because rural property values move more slowly than Seattle, the no-appraisal feature is especially valuable — equity isn't the question, payment savings is.
Pros
- • No appraisal, no minimum credit
- • Works even if underwater
- • Closes faster than conventional
- • Low closing costs
Cons
- • No cash-out allowed
- • Income re-verified against current limits
- • Guarantee fee charged again (1% + 0.35%)
- • Only for existing USDA-guaranteed loans
Best for: Existing USDA borrowers in rural WA with a current rate above market and at least 12 months of clean payment history.
Common Questions
Related Loan Types
Popular WA markets for USDA Refinance
USDA refinance options for homeowners in WA's eligible rural and outer-suburban areas.