The USDA Pilot Refinance program is still available to Florida homeowners that currently have USDA mortgages. The USDA Rural Development Pilot refi is a relief program offered through approved USDA lenders in Florida. Many conventional refinance loans require a certain about of equity in the home to be approved for a refinance. This often presents a major obstacle for many Florida homeowners, especially those living in the hardest hit markets. The USDA Pilot program lifts this barrier as loan to value ( LTV) or appraised value is no longer important. In fact the USDA Pilot program is streamlined and does not require a new appraisal or home inspection. So even if you property value is upside down or underwater, your still eligible. Let's look below at the USDA Pilot refinance requirements and benefits:
USDA Pilot Refinance Benefits:
- Lower payment, mortgage interest rates are currently near historic low levels.
- Closing costs can be financed, rolled into the loan. No out of pocket costs to the borrower.
- No appraisal or home inspection needed.
- Borrower does not have to credit qualify or debt ratio. Min paperwork is needed, streamline process.
- Never leave your home, even the closing can be done in your home!
To be eligible for the USDA Pilot Refinance program:
- The homeowner must have originally obtained a USDA Guaranteed Loan via an approved lender. Regardless of where you currently send your monthly mortgage payment ( Chase, Bank Of America, Regions, SunTrust) We can assist you. If you have another type of mortgage like FHA, VA or Conventional - there are different refinance options reserved for you. Please contact us for more details on the FHA streamline refinance or VA IRRRL mortgage.
- The income for the household must be below the USDA income limits found here. This same rule applied when the home was originally purchased.
- On time mortgage payments for the 12 month period prior to the refinance.
Homeowners with questions, please call us 7 days a week at 904-302-6060 and be sure to visit USDA Mortgage Source
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