Ready to buy your home?
Let's Get Started
*Approximately 3 -5 Minutes to Complete The form.
Ready to buy your home?
Let's Get You Pre-Qualified
*Approximately 3 -5 Minutes to Complete The Form.
What Is A USDA Streamline Refinance Loan? Is It Right for You?
Learn More From HomeTown Lenders, Inc. A Leading Nationwide & Louisiana USDA Streamline Refinance Loans Producer
We are a Leading Nationwide USDA Streamline Refi Lender, and for good reason. We have helped many families and individuals in Louisiana, Alabama, Arkansas, California, Florida, Indiana, Illinois, Kentucky, Maryland, Michigan, Missouri, Mississippi, New Mexico, South Carolina, Tennessee, Texas, and Virginia refinance their homes through through high quality Nationwide and Jackson MS USDA Streamline Refinance Loans serviced through the Home Town Lenders Inc. – Ridgeland, MS Branch.
The USDA Streamline Refinance Program is designed to lower your interest rate by refinancing your existing USDA loan. If you are currently in a USDA loan and would like to lower interest rate by refinancing, the USDA has made it easy for you. Since you are already qualified for a USDA loan initially it is a very simple and quick process to lower your monthly mortgage payments by taking advantage of this popular streamline refinance program.
Contact our Nationwide USDA Mortgage Loan Officers to get prequalified and start USDA Streamline Refi today.
Learn Why USDA Streamline Refinance Loans Are A Great Deal
The USDA Streamline Refinance Program has reduced documentation, does not require an appraisal and is setup to let you get a lower interest rate in the easiest possible way. If you are currently in a USDA and would like to lower your mortgage payment the USDA Streamline Program can help you take advantage of historically low rates. Contact HomeTown Lenders today and let’s get started saving you money by refinancing your USDA Loan.
What Are the Advantages of A USDA Streamline Refi?
- Fast turnaround time
- No appraisal required
- No income verification
- No debt to income calculation
- Streamlined paperwork process
What are The Requirements For A USDA Streamline Refi
- Minimum credit score 620
- Must lower your interest rate by 1%
- No late payments over 30 days in last 12 months
What About The USDA Funding Fee?
The USDA funding fee for streamlines is collected by lenders at closing and is financed into the loan which helps offset the cost to fund the USDA program. There is also monthly mortgage insurance on all USDA streamlines.
- Your monthly mortgage insurance will be .40% and 2.0% for the funding fee
Frequently Asked USDA Streamline Refinance Questions
- Copy of driver’s license
- Copy of social security card
- Copy of your mortgage note
- Copy of mortgage statement
- Contact information for insurance agent
In some cases it may be possible to skip (2) mortgage payments as part of your USDA streamline. It will depend on when in the month you close your loan.
Yes, you can. A USDA streamline will allow you to refinance without an appraisal.
No the lender will only allow a person to be removed if they are deceased.
If you choose to roll in your closing costs instead of paying for them a closing your loan amount will increase by this amount including the USDA funding fee. But by skipping up to (2) mortgage payments in some cases, receiving escrow money back after closing, and the savings per month your breakeven on the streamline is realized very quickly.
Yes. A lender will review your mortgage payment history. In order to qualify you cannot have any late payments of 30 days in the last 12 months.
No. You can only reduce the interest rate on your current mortgage as part of the USDA Streamline. The program requires a net tangible benefit which means you have to lower your rate by at least 1% to qualify.