The streamline refinance provides current USDA home loan borrowers the opportunity to refinance for more affordable payment terms. The streamlined assist refinance is the fastest and easiest way to reduce the rate on your USDA loan. It does this by simplifying the refinance process by waiving the documentation typically required like, income verification.
To ensure you qualify, please read here are some of the minimum standards you need to know.
- No new appraisal is required, and underwater homes are eligible.
- You must be current on your current USDA mortgage with no 30-day late payments in the last 12 months.
- The interest rate may not exceed the current rate of the loan being refinanced.
- Applicant’s income may not exceed the adjusted annual income limit for the statistical area where the subject property is located.
- The property must be your primary residence.
What documents do I need to apply?
- A copy of your mortgage note to show your current loan rate and term.
- A copy of your mortgage statement.
- Two months of bank statements to cover any out-of-pocket costs (if applicable).
- Last 30 days’ of paycheck stubs.
- Last year’s tax returns (all pages).
- Homeowners insurance declaration page to ensure your home is covered.
- Copy of your driver’s license.
The USDA streamline refinance is simple, fast and easy. TexasLending.com has been assisting homeowners since 2001 with their USDA streamline refinances. Want to learn more about how TexasLending.com can help you save with a USDA streamline? Click below to get started today.
