The most up-to-date USDA Pilot Refinance home finance loan process is now available to tens of thousands of rural home owners in Cape Coral and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage permits Florida’s rural homeowners to refinance their mortgage loan to a decreased interest rate regardless of mortgage to home and property value ratio. Even upside down and under water loans also qualify with this new program.
There aren’t any out of pocket charges to the owner of the home as closing costs can now be included in the all new USDA Pilot Refinance home loan. In order to qualify for the USDA rural refinance program, Cape Coral, FL homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Please note you are required to already have a USDA rural housing mortgage to be eligible to this program. If you’ve already had a previous conventional loan or FHA loan there are different alternatives readily available.
The latest USDA Pilot Refinance mortgage program will help to curb the bureaucracy usually experienced with conventional bank loan refinancing and often times save borrowers several hundred dollars each month. To become qualified, credit seekers are required to have made their mortgage payments promptly for Twelve continuous months. Currently there are over 25,000 individuals eligible in The State of Florida exclusively – almost all home buyers around the metropolitan areas of Ocala, Gainesville, Tampa, Jacksonville, Orlando and Lakeland are eligible!
Prerequisites of the new USDA Rural Refinancing Pilot program include:
- You must currently have a USDA or Rural Housing home loan. No matter what your existing loan provider is, among them Bank of America, Regions, or Chase, we can help you get started!
- No late loan payment within the past twelve months.
- Manufactured or Mobile homes will not be 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 is to be combined with a new USDA mortgage.
- The applicable USDA yearly/monthly fee will be .35%
- The new mortgage loan may incorporate the principle balance of your existing mortgage loan in addition to the in advance USDA guarantee charge of 2% and all closing costs.
- No cash out is permitted when using the USDA refinance program.
- Wage confirmation with regard to adult household residents is needed for USDA income qualification only, not for analyzing payment capability.
- Borrowers will need to be currently employed at the time of closing on the home refinance request or may have alternate sources of earnings, including: your retirement income, social security income, disability income, spousal support or child support.
- The loan to value (LTV) max is unlimited. Absolutely no constraints for the homeowners that are upside down significantly seeing the house value decline in the past few years. No new appraisal or property assessment is necessary!
Cape Coral USDA Rural Home Refinance
The foremost aim of the USDA refinance process is to make it easier for Florida’s rural homes that have done all the things properly, but often have lost substantial equity in their home on account of recent market declines. Many Florida household owners have made their mortgage payments punctually but could not reap the benefits of the historically low interest rates simply because of deprecation in home values and home equity regulations set up by many lenders and banking institutions. This important new USDA Pilot Loan refinancing program was established to assist house owners, regardlesss of current loan to value or negative home equity.
Questions concerning the Florida streamline USDA refinancing plan loan? Simply fill out the short info form (top right area on this web page) or simply give us a call Seven days a week/ 9am-8pm at 800-743-7556. Take note we currently exclusively help out individuals with real estate properties located in The State of Florida. www.usdamortgagesource.com 2014