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The Curious Bag
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The biggest benefit of refinancing a loan is that it offers qualifying borrowers the ability to get a lower rate on the loan, decreasing monthly payments.
Outstanding Balances
Existing loan borrowers can refinance outstanding balances on infrastructure loans under a rapid refinance.
Types of Assistance
Rural Telephone Bank (RTB) Loans, Concurrent RUS Cost-of-Money, Federal Financing Bank (FFB) Loans, and RUS Hardship Loans can be used to refinance the outstanding debt of the infrastructure loan.
Exceptions
The RTB Loans, RUS Hardship Loans, Concurrent RUS Cost-of-Money and FFB Loans can be used to refinance existing RTB Loans, Concurrent RUS Cost-of-Money and RUS Hardship Loans, but not FFB Loans.
Qualifications
Borrowers must meet requirements in 7 CFR Part 1735 for the specific loan requested. Eligible rural communities include those with fewer than 20,000 residents.
Loan Funds
Applicants can request any sum they desire because the rapid refinance program does not have a maximum loan limit.
Source:
More Information:
U.S. Laws: 7 C.F.R. Part 1735---General Policies, Types of Loans, Loan Requirements
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