The USDA Streamlined-Assist refinance, step by step
The payment reduction test
Assist note
USDA requires a net tangible benefit: the new principal, interest and annual fee payment must be lower than the current one by at least the amount set in USDA's handbook. If the savings fall short, the refinance cannot close as Streamlined-Assist. Ask lenders to show the old and new payments side by side.
Last reviewed against the primary sources listed below.
What to compare
- Current principal and interest plus annual fee.
- New principal and interest plus annual fee.
- The difference against USDA's minimum.
Streamlined-Assist questions
What is the net tangible benefit for a USDA refinance?
A minimum reduction in the monthly payment set by USDA. Your lender confirms the current figure.