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Archer USDA Rural Home Refinance Loan

This page updated and accurate as of 01/16/2025

The newest USDA Pilot Refinance home loan process is now available to tens of thousands of rural men and women in Archer and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage allows Florida’s rural home owners to refinance their home finance loan to a much lower monthly interest rate regardless of mortgage to home value ratio. Even upside-down and underwater loans also qualify with this new program.

There won’t be up front costs for the home owner as closing costs can be included in the modern USDA Pilot home loan program. 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 full guarantee mortgage. You should be aware you must currently have a USDA rural housing mortgage to be qualified for this loan program. If you have a traditional mortgage loan or FHA loan there are different options to choose from.

The most up-to-date USDA Pilot Refinance mortgage loan process will prevent the red tape traditionally observed with conventional bank loan refinancing and possibly save individuals with mortgages hundreds of dollars every month. To be qualified, credit seekers must have made their home loan payments promptly for 12 straight months. There are more than 25,000 men and women entitled in Florida alone – numerous homeowners within the areas including Orlando, Lakeland, Ocala, Gainesville, Tampa and Jacksonville are able to apply!

Qualifications of the new USDA Rural Refinancing Pilot application include:

  • You must presently have a USDA or Rural Housing home owner loan. Regardless of your current home finance loan provider is, which includes Chase, Bank Of America, or Regions, we will assist!
  • No late payments in the past 12 months.
  • Mobile or Manufactured homes aren’t eligible.
  • The new terms of the USDA home refinance is required to be a 30 year fixed mortgage.
  • The upfront USDA guarantee fee is 2% which will be combined with a new USDA mortgage.
  • The applied USDA yearly/monthly fee will be .35%
  • Your new mortgage loan can incorporate the principle balance on the existing loan plus the upfront USDA guarantee rate of 2% and all of closing costs.
  • No cash out is accepted while using the USDA home refinance loan program.
  • Wage validation for all adult household members is needed for USDA income source qualifications only, not for evaluating monthly payment ability.
  • Applicants have got to be employed during the time of closing on the home refinance loan request or have alternative suppliers of earnings, which include: retirement plan income, social security income, disability income, spousal support or child support.
  • The loan to value (LTV) cap is unrestricted. Absolutely no restrictions for home owners which might be under water dramatically watching their home value decrease in recent years. No new appraisal or home assessment is needed!

Archer USDA Rural Home Refinance Loan

The key goal of the USDA refi program is to support Florida’s outlying residences which happen to have done anything and everything properly, but could possibly have lost huge equity in their home as a result of the recent real estate market fluctuations. Many Florida household owners made their home loan payments in a timely manner but cannot take advantage of the historically low interests simply because of deprecation in home values and equity constraints integrated by most lenders and bankers. This valuable new USDA Pilot Home refinance loan package was created to help home buyers, irrespective of latest loan to value or negative equity.

Questions concerning the Florida streamline USDA home refinance loan? Simply fill out the quick information request form (top right area on this page) or simply give us a call Seven days a week/ 9am-8pm at 800-743-7556. Serving all or Archer and Alachua County.