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Fort Pierce, FL USDA Rural Loan Refinancing

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

The new USDA Pilot Refinance home loan process is now available to many rural home owners in Fort Pierce and all through the State of Florida. The new USDA Rural Development Pilot Refinance mortgage enables Florida’s rural homeowners to refinance their home owner loan to a much lower rate of interest whatever the mortgage to home value ratio. In addition upside-down and underwater loans also qualify with this new program.

There won’t be any upfront costs to the homeowner as closing costs are now included in the new USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Florida homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Be aware you have to presently have a USDA rural housing mortgage to be qualified to the program. If you’ve already had a previous traditional mortgage loan or FHA loan there are different alternatives that can be found.

The newest USDA Pilot Refinance mortgage loan program will prevent some of the bureaucracy normally observed with traditional bank refinancing and often times save borrowers several hundred dollars every month. To become qualified to apply, individuals with mortgages are required to have made their home loan payments on schedule for 12 straight months. Currently, there are over 30,000 people able to apply in Florida alone – the majority of homeowners within the cities of Gainesville, Ocala, Lakeland, Orlando, Jacksonville and Tampa are eligible!

Specifications for the new USDA Rural Refinance Pilot program include:

  • You need to presently have a USDA or Rural Housing mortgage. Regardless of your current home loan company is, especially Regions, Bank of America or Chase, we’re able to assist you!
  • No late mortgage payments within the last twelve months.
  • Mobile or Manufactured homes aren’t eligible.
  • The new terms of the USDA refinance has to be a 30 year fixed mortgage.
  • The up-front USDA guarantee fee is 1% which will be rolled into your new USDA mortgage.
  • The applicable USDA annual/monthly fee will be .35%
  • Your new home finance loan could include the principle balance on the existing loan as well the upfront USDA guarantee fee of 1% and all of closing costs.
  • No cash out is accepted using the USDA loan refinancing program.
  • Wage confirmation for all the adult household members is needed for USDA revenue qualifications only, not for interpreting payment propensity.
  • Borrowers have to be employed during the time of closing on the home refinance loan transaction or have alternate providers of income, such as: pension income, social security income, disability revenue, alimony or child support.
  • The loan to value (LTV) max is unrestricted. Zero constraints for the homeowners which might be under water significantly seeing the house value decrease in the last few years. No new appraisal or residential examination is necessary!

Fort Pierce, FL USDA Rural Loan Refinancing

The core purpose of the USDA refi package is to assist Florida’s rural households which have done each and every thing right, but could possibly have lost huge equity in their home caused by the recent market changes. Countless Florida home owners are making their mortgage repayments on time but cannot capitalize on the historic low interest rates as a consequence of deprecation in property values and home equity rules set up by many lenders and bankers. This unique new USDA Pilot Refinance loan program is meant to make it easier for home buyers, no matter the existing loan to value or negative equity.

Questions regarding the Florida streamline USDA rural refinance loan? Simply submit the fast info request form (top right section on this page) or phone us 7 days a week/ 9am-8pm at 800-743-7556. 2014