Question by Andre K: Can a mortgage be refinanced with a rural development loan?
I need to refinance my home at 7% with some cash out for repairs and updating. I am shopping around for the best deal.
Best answer:
Answer by Josh Murray-Southeast MI Realtor
You can not re-finance into a rural development loan. They are for initial purchases.
Add your own answer in the comments!
You CAN refi with a rural development loan but, only if you already have a rural development loan. The government actually added some qualifiers though. You must lower current rate by at least 1.0% and NO cash out.