The latest USDA Pilot Refinance home loan package is now available to a good number of rural home-owners in Daytona Beach and all through Florida. The new USDA Rural Development Pilot Refinance mortgage allows Florida’s rural homeowners to refinance their mortgage loan to a decreased rate of interest regardless of the home loan to property value ratio. Even upside down and underwater loans also qualify with this new program.
There aren’t any out-of-pocket fees for the homeowner as closing costs can now be part of the all-new USDA Pilot Refinance home loan. 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 fully guaranteed mortgage.
You should be aware you need to currently have a USDA rural housing mortgage to be eligible to this loan program. If you’ve already had a previous traditional home loan or FHA loan there are different choices you can get.
The new USDA Pilot Refinance mortgage program will prevent some of the red tape typically observed with traditional bank loan refinancing and potentially save borrowers hundreds of dollars per month. To become qualified, borrowers are required to have made their mortgage payments in a timely manner for Twelve consecutive months. There are more than 20-30,000 individuals qualified in Florida exclusively – almost all property owners around the metropolitan areas of Gainesville, Tampa, Jacksonville, Orlando, Lakeland and Ocala are qualified to apply!
Requirements of the newest USDA Rural Refinancing Pilot process include:
- You must currently have a USDA or Rural Housing home loan. Regardless of your current loan provider is, which includes Regions, Chase or Bank of America, we’ll be able to help you get started!
- No late payments during the last twelve months.
- Mobile or Manufactured homes aren’t eligible.
- The new term of the USDA refinance must be a 30-year mortgage.
- The up-front USDA guarantee fee is 2% that will be rolled into your new USDA mortgage loan.
- The applied USDA annual/monthly fee is .35%
- The new mortgage can sometimes include the principal balance of your existing mortgage as well as the upfront USDA guarantee rate of 1% and all closing costs.
- No cash out is allowed while using the USDA home refinance program.
- Income verification for all adult household members is required for USDA qualification only, not for distinguishing monthly payment ability.
- Buyers will need to be employed during the time of closing on the home refinance loan request or have alternative providers of cash flow, for instance: pension income, social security money, disability benefits revenue, alimony or child support.
- The loan to value (LTV) cap is unlimited. No limitations for home-owners who might be upside down watching their property value decline in the past few years. No new appraisal or household inspection is necessary!
Daytona Beach, FL USDA Rural Loan Refinancing
The core intent of the USDA refinance system is to support Florida’s rural households which have done all things properly, but often have lost sizeable equity in their home due to recent market changes. A large number of Florida household owners make their mortgage payments in a timely manner but could not take benefit from the historic low-interest rates because of deprecation in residential home values and equity rules implemented by many lenders and bankers. This kind of new USDA Pilot Refinance mortgage loan program was established to make it easier for home buyers, regardless of the latest LTV or negative equity.
Need more information about the Florida streamline USDA re-finance mortgage? Just submit the quick info form (top right side on this page) or phone us Seven days a week/ 9am-8pm at 800-743-7556. Please be aware at present we exclusively aid individuals with real estate properties located within Florida.