For more information, please contact me at (512) 261-1542 or steve@LoneStarLending.com.
By G. Steven Bray
The USDA announced that effective 6/2, it is making its pilot streamline refinance program permanent. The program allows homeowners who currently have a USDA loan, like a Rural Development loan, to refinance that loan without going through the usual loan process.
As long you’ve been current on your mortgage for the last 12 months, meaning you’ve made the payments within 30 days of the due date, your lender won’t have to order a credit report and won’t have to analyze your income to see if you qualify. It will be assumed that if you’re making your payments on time now, you certainly can continue to make them if we lower the payment.
In addition, you won’t need an appraisal to determine the current value of your home.
Not only will the program save USDA borrowers money, it should make the refinancing process much faster.