USDA Mortgage Source

100% Financing USDA Home Loans
Call Today: 800-743-7556
800-743-7556

DeLand USDA Rural Home Refinance Loan

This page updated and accurate as of 01/15/2025

The most up-to-date USDA Pilot Refinance home owner loan package is now available to thousands of rural property owners in DeLand and throughout Florida. The new USDA Rural Development Pilot Refinance mortgage will grant Florida’s rural homeowners to refinance their mortgage to a smaller rate of interest regardless of the mortgage to home value ratio. In addition upside down and under water loans also qualify with this new program.

There aren’t any up front costs for the owner of the home as closing costs can be included in the latest USDA mortgage. In order to qualify for the USDA rural refinance program, DeLand, FL homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Keep in mind you are required to presently have a USDA rural housing mortgage to be qualified to apply for the program. If you already have a conventional mortgage or FHA loan there are different options out there.

The new USDA Pilot Refinance mortgage loan program will cut through the red tape ordinarily found with traditional bank loan refinancing and often times save homeowners several hundred dollars per month. In order to become qualified to apply, homeowners must have made their home loan payments promptly for 12 straight months. Right now there are over 25,000 men and women qualified to apply in The State of Florida exclusively – many home owners around the communities including Ocala, Gainesville, Tampa, Jacksonville, Orlando and Lakeland are qualified to apply!

Prerequisites of the newest USDA Rural Refinance Pilot process include:

  • You are required to currently have a USDA or Rural Housing home loan. Regardless of your existing home loan provider is, for example Regions, Bank of America or Chase, we’re able to assist!
  • No late loan payment within the last year.
  • Mobile or Manufactured homes are NOT eligible.
  • The new term of the USDA home refinance must be a 30 year fixed mortgage.
  • The up-front USDA guarantee fee is 2% which is rolled into your new USDA mortgage loan.
  • The applicable USDA annual/monthly fee will be .35%
  • Your new mortgage loan may incorporate the principle balance of your existing home loan together with the initial USDA guarantee rate of 2% and all of closing costs.
  • No cash out is granted using the USDA refinance program.
  • Earnings validation for adult household members is needed for USDA earnings qualification only, not for obtaining repayment ability.
  • Individuals with mortgages are required to be currently employed at the time of closing on the refinance transaction or may have other providers of net income, such as: retirement plan income, social security income, disability earnings, spousal support or child support.
  • The loan to value (LTV) cap is unrestricted. Absolutely no limits for home-owners that are under water and have seen their home value decrease in the recent past. No new appraisal or residential assessment is required!

USDA Rural Refinance in DeLand

The major reason for the USDA refi program is to boost Florida’s rural households which happen to have done anything and everything correctly, but perhaps have lost substantial equity in the home due to recent marketplace swings. A great deal of Florida property owners are making their mortgage payments on schedule but cannot make full use of the historic low interest rates as a consequence of deprecation in property values and equity limits set up by many lenders and banks. This new USDA Pilot Refinance package is made to make it easier for home buyers, regardlesss of existing loan to value or negative home equity.

Do you need more info on the Florida streamline USDA home refinance loan? Simply complete the quick info request form (upper right part on this page) or simply call us 7 days a week/ 9am-8pm at 800-743-7556.