What is required for a USDA streamline assist loan?

The requirement for a USDA streamline assist loan that makes it distinctive is the lack of an appraisal requirement. This feature simplifies the refinancing process for borrowers, as it eliminates the time, expenses, and potential complications associated with property appraisals. The streamline assist program aims to make refinancing easier for those already in USDA loans; by not needing an appraisal, borrowers can often close more quickly and with fewer costs.

The other aspects mentioned in the choices do not reflect the key features of the USDA streamline assist loan. The ability to finance closing costs, credit score requirements, and adding borrowers after the loan is made may vary or not be applicable specifically to this streamlined refinancing process. The focus on not requiring an appraisal is a significant advantage for those looking to take advantage of lower interest rates or modify their existing loans with minimal hassle.