The USDA refinance loan programs allow existing USDA Direct Loan and USDA Guaranteed Loan borrowers in Florida to refinance their current loan into a lower interest rate. FL homeowners with an existing USDA Loan can take advantage of special USDA refinance programs and apply for a new USDA refinance mortgage at a much lower interest rate. Remember USDA loan interest rates are currently the lowest they have ever been.
By refinancing an existing USDA Loan, homeowners will be able to take advantage of the following USDA refinance benefits:
- The new USDA Pilot refinance program is available even if the homeowner’s home is worth less than the current mortgage balance.
- No appraisal report is required when completing a USDA Refinance of an existing USDA Guaranteed Loan.
- No out of pocket cost to the homeowner. All closing costs and pre paid escrows for taxes, insurance; etc can be rolled into the new loan.
- USDA refinance can still be obtained even if the house is no longer located in a designated USDA Loan approved / eligible area.
To be approved and eligible for the USDA refinance program, homeowners must keep in mind a few important factors:
- Household income cannot exceed current USDA Loan eligibility requirements. This same rule applied when you originally received your USDA loan. Please remember the income limits for eligibility apply to ALL members of the household that generate income, even if they are not listed on the loan application. Please see income limits by clicking here.
- You must currently have a USDA/ Rural Housing Loan, regardless of your current loan servicer (Chase, Bank Of America, etc) we can help.
- Your home must still be your primary residence.
- No cash out for debt consolation or home improvements is permitted.
- USDA interest rate on new refinance loan must be at least 1% lower than current interest rate. Current and new terms will be 30 year fix.
Please read all the USDA refinance requirements here http://www.usdamortgagesource.com/usda-pilot-refinance.html or call (904)302-6060 7 days a week.
Serving all of Nassau County 7 days a week including, Amelia Island, Bryceville, Callahan, Fernandina Beach, Hilliard, Yulee.
Frequently asked questions about the USDA refinance loan can be found here - http://www.usdamortgagesource.com/blog/usda-loan-rural-refinance-homeowner-qa/