The new USDA Pilot Refinance loan is now available to a huge number of rural home owners in Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their mortgage loan into a less expensive interest rate no matter what the mortgage to home value ratio. Even upside down and under water loans also qualify with this new program! The best part - no appraisal or home inspections required.
There won’t be up front charges to the owner of the home as closing costs can now be a part of the USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Florida property owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Keep in mind you need to currently have a USDA rural housing mortgage to be qualified to apply for this program. If you already have a conventional home loan or FHA loan there are different choices available on the market.
The new Streamline USDA Pilot Refinance mortgage loan program will help to eliminate some all the “hoops” routinely seen with conventional bank loan refinancing and possibly save individuals with mortgages hundreds of dollars per month. In order to become qualified to apply, people are required to have made their payments in a timely manner for the past 12 months. Currently there are over 20,000 applicants qualified to apply in Florida exclusively – the majority of home buyers around the metropolitan areas including Gainesville, Tampa, Jacksonville, Orlando, Lakeland, Naples, Sarasota and Ocala are qualified!
Requirements for the new USDA Rural Refinance Pilot process include:
- You must currently have a USDA or Rural Housing mortgage loan. No matter what your mortgage source is, for example Chase, Regions or Bank of America, we’ll be able to assist!
- No late payments within the last 12 months.
- Mobile or Manufactured homes are NOT eligible.
- The new terms of the USDA refinance will have to be a 30 year mortgage.
- The up-front USDA guarantee fee is 2% that is combined with your new USDA mortgage loan.
- The applicable USDA yearly/monthly fee will be .40%
- Your new mortgage may include the principle balance for the existing mortgage and also the in advance USDA guarantee charge of 2% and all of closing costs.
- No cash out is granted while using the USDA loan refinancing program.
- Revenue verification with regard to adult household members is needed for USDA source of income qualification only, not for distinguishing monthly payment capacity.
- Credit seekers will have to be gainfully employed at the time of closing on the refinance transaction or have other suppliers of cashflow, for example: retirement income, social security income, disability income, alimony or child support.
- The loan to value (LTV) limit is unrestricted. Zero limitations for the homeowners that are under water seeing their property value decline in the recent past. No new appraisal or home inspection is required!
FL USDA Rural Development Refinance Loan
The basic goal of the USDA refi system is to help out Florida’s rural homeowners that may have lost serious equity in their home. Many Florida home owners make their home loan repayments on-time but could not capitalize on the historically low interests because of deprecation in home values and home equity limits carried out by most lenders and banks. This unique new USDA Pilot Refinance mortgage loan package was established to aid home buyers, regardless of the latest loan to value or negative home equity.
Need more information about the Florida streamline USDA refi loan? Visit - http://www.usdamortgagesource.com/usda-pilot-refinance.html or call us 7 days a week/ 9am-8pm at 904-302-6060. Take note we currently solely serve individuals with properties located in The State of Florida.
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