Michigan homeowners who currently have USDA mortgages can benefit from USDA refinances.
If your current Michigan USDA mortgage rate is higher than the current rate, you may be able to refinance. There are two options offered. With one option, you may not need an appraisal!
The basic requirements for qualification are as follows:
* The Michigan mortgage to be refinanced has to be a USDA Loan (Guaranteed or Direct).
* The Michigan mortgage to be refinanced must be current (not delinquent).
* The refinance should result in a lowering of the borrower’s monthly principal and interest payments.