Great news for Florida residents with USDA Rural home loans - Rural Development recently announced a new pilot refinance program that will now allow Florida homeowners to include closings costs into their new loan. This is great news for FL homeowners that have a USDA home loan and couldn’t refinance in the past due to decreasing home values. Now all these homeowners can take advantage of the historic low interest rates. The new refinance program is also streamlined as well, please see the details below.
No new appraisal is needed.
Income is only verified for USDA eligibility purposes.
Closing costs can now be included, no out of pocket costs!
Current home value does NOT matter – no limit on loan to value.
Buyers must be employed (or have documentable income) and also have made their mortgage payments on time for the last 12 months. Additionally, no cash out it permitted with the new USDA refinance program. The interest rate on the new loan must be at least 1% lower than the current home loan.
Please see the new USDA pilot refinance video by clicking here. Questions? call us at 904-302-6060 or visit www.usdamortgagesource.com
Serving Martin, St. Lucie and Indian River County - Indiantown, Jensen Beach, Jupiter Island, Ocean Breeze Park, Palm City,Indian River Shores, Orchid, Roseland, Sebastian and Vero Beach,Fort Pierce, Hutchinson Island, Port St. Lucie
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