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.
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.
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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.