Question by bgsimsrvp: How long does a person have to stay in a USDA loan, before they can refinance with another mortgage company?
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.
Best answer:
Answer by Net Advisor
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
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