No appraisal. No credit check. No DTI calculation. Must have current USDA loan. Must lower P&I by $50+ monthly. Cannot take cash out.
Requires appraisal and credit check but simpler than full refinance. No cash out. Must be current on payments for 12 months.
Full underwriting. Can remove borrowers. New appraisal required. Must meet area income limits. Property must remain in eligible rural area.