The most up-to-date USDA Pilot Refinance home owner loan package is now available to thousands of rural property owners in Destin and throughout Florida. The new USDA Rural Development Pilot Refinance mortgage will allow Florida’s rural homeowners to refinance their home owner loan into a much lower rate of interest no matter the mortgage to property value ratio. In addition upside-down and underwater loans also qualify with this new program.

There are no out of pocket charges for the homeowner as closing costs can now be a part of the new USDA mortgage. 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 guarantee mortgage. Be aware you have to currently have a USDA rural housing mortgage to be qualified for this loan program. If you’ve already had a previous traditional home loan or FHA loan there are different choices that are available.

The latest USDA Pilot Refinance mortgage loan program will prevent some of the red tape commonly found with traditional bank refinancing and often times save homeowners several hundred dollars a month. To become qualified to apply, home owners are required to have made their mortgage payments on schedule for 12 consecutive months. Currently there are over 25,000 customers entitled in The State of Florida exclusively – the majority of property owners in the areas including Jacksonville, Orlando, Lakeland, Ocala, Gainesville and Tampa are qualified to apply!

Requirements of the newest USDA Rural Home Refinance Pilot process include:

You need to currently have a USDA or Rural Housing home owner loan. Regardless of your mortgage loan source is, most notably Chase, Regions or Bank of America, we will offer some assistance!
No late mortgage payments over the last year.
Manufactured or Mobile homes aren’t eligible.
The new terms of the USDA home refinance has to be a 30 year mortgage.
The up front USDA guarantee fee is 2% which will be rolled into your new USDA mortgage loan.
The applicable USDA yearly/monthly fee will be .35%
Your new mortgage loan may include the principle balance for the existing loan in addition to the in advance USDA guarantee rate of 2% and all of the closing costs.
No cash out is permitted when using the USDA refinance program.
Cashflow confirmation for all adult household members is necessary for USDA income eligibility only, not for evaluating repayment propensity.
Individuals with mortgages will need to be gainfully employed at the time of closing on the home refinance transaction or may have alternate sources of cash flow, for example: retirement plan income, social security money, disability benefits earnings, spousal support or child support.
The loan to value (LTV) max is unlimited. No restrictions for homeowners which might be under water significantly seeing the house value decline in the past few years. No new appraisal or house assessment is needed!

USDA Rural Refinance in Destin, FL

The most significant intent of the USDA refinance process is to support Florida’s rural residences which have done all the things right, but could have lost serious equity in the home attributable to recent real estate market swings. A great deal of Florida home buyers have made their mortgage repayments on schedule but cannot take full advantage of the historic low interests because of deprecation in residential home values and home equity rules applied by most lenders and loan companies. This unique new USDA Pilot Refinance program is built to aid home owners, regardless of existing LTV or negative loan equity.

Do you need more info on the Florida streamline USDA refinancing plan loan? Just fill out the quick info request form (upper right area of this page) or even give us a call 7 days a week/ 9am-8pm at 800-743-7556. Serving all of Destin and surrounding FL locations.