USDA
Do You Pay PMI on a USDA Loan?
By John Tappan | NMLS# 394171 No, USDA loans do not require traditional private mortgage insurance (PMI). However, USDA borrowers do pay a similar cost called the USDA guarantee fee, which has two parts: a 1.00% upfront fee charged at closing and a 0.35% annual fee paid monthly for the life of the loan. The ... Read more
Credit Score for a USDA Home Loan
What Credit Score Do I Need for a USDA Loan in 2026? You need a minimum FICO score of 640 to qualify for automated approval through the USDA’s Guaranteed Underwriting System (GUS) in 2026, the fastest pathway to closing. Some lenders accept 620 through manual underwriting, though this requires stronger compensating factors, deeper documentation review, ... Read more
Can You Refinance a USDA Mortgage?
Yes, you can refinance a USDA mortgage. The USDA offers specific refinancing options for homeowners with USDA loans, such as the USDA Streamlined Assist Refinance and the USDA Streamline Refinance programs. These rural home loan programs are designed to help borrowers reduce their interest rates and monthly payments or switch from an adjustable-rate mortgage to ... Read more
