Requirements for refinancing into a USDA mortgage - We receive many questions about the 100% USDA home loan and using this program to refinance an existing mortgage. First and foremost – the mortgage you currently have must be a USDA Mortgage. You cannot use the Florida USDA loan to refinanced out of an existing FHA,VA or Conventional mortgage. If you currently have a USDA mortgage, please read the requirements below –
Please read the new USDA refinance program updates here as of 7/2012. The new Pilot USDA program now allows for negative equity and closing costs can be included into the new loan.
- Fixed rate 30 year fix term only for USDA refinance.
- No Cash out allowed for USDA refinance.
- 1% USDA Guarantee Fee is included or “rolled into” your new USDA loan
- The Florida USDA refinance process can be “streamlined” or “non streamlined” Basically a streamlined refinance is when NO appraisal is required by USDA. However, with the streamline USDA option you cannot finance or “roll in” your closing costs into your new USDA loan. You have to pay these costs out of pocket. With the non streamlined USDA loan option you can roll in closing costs. However, a full appraisal will be required. Please click here to read the latest USDA Refinance updates as of June 2012.
- All normal USDA eligibility requirements in Florida apply regarding household income, property location and credit requirements.
Questions about 100% USDA – RD home loans? For a quick response just submit the short information request form on the top right side of your screen >>>>>>>>
You can also call us at 904.302.6060. Be sure to check back often to read the latest USDA home loan program requirements and commonly asked questions.
Please take time to visit our main web site www.UsdaMortgageSource.com to view all the general 100% USDA home loan program requirements. Proudly serving all of Florida 7 days a week, including Osceola County, Orange County and Polk County – USDA Mortgage Source is Florida’s leader in 100% USDA / Rural Development home loans.
If you do not meet the USDA eligibility requirement, please click here to learn about the FHA home loan in Florida.
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