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Gainesville, FL USDA Rural Loan Refinancing

This page updated and accurate as of 09/14/2024

The latest USDA Pilot Refinance mortgage program is now available to thousands of rural house owners in Gainesville and all over the State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural homeowners to refinance their property finance loan into a lesser monthly interest rate regardless of the mortgage to home and property value ratio. In addition upside down and underwater loans also qualify with this new program.

There won’t be any upfront fees for the homeowner as closing costs can be a part of the modern USDA Pilot Refinance home loan. In order to qualify for the USDA rural refinance program, Gainesville, FL homeowners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. Remember you must already have a USDA rural housing mortgage to be qualified for the program. If you’ve got a traditional loan or FHA loan there are different alternatives to be had.

The newest USDA Pilot Refinance mortgage loan program will help to eliminate some of the bureaucracy usually experienced with conventional bank mortgage refinancing and potentially save credit seekers hundreds of dollars monthly. In order to become qualified to apply, borrowers are required to have made their home loan payments in a timely manner for 12 consecutive months. Currently, there are over 20-30,000 homeowners qualified to apply in Florida exclusively – many homebuyers in the municipalities including Tampa, Gainesville, Ocala, Lakeland, Orlando and Jacksonville are eligible!

Qualifications for the new USDA Rural Refinance Pilot application include:

  • You need to presently have a USDA or Rural Housing home loan. No matter what your existing home finance loan carrier is, most notably Regions, Bank of America or Chase, we can offer some assistance!
  • No mortgage late payments within the past twelve months.
  • Mobile or Manufactured homes aren’t eligible.
  • The new terms of the USDA home refinance has to be a 30 year mortgage.
  • The upfront USDA guarantee fee is 1% that will be rolled into a new USDA mortgage.
  • The applicable USDA yearly/monthly fee is .35%
  • Your new home finance loan can include the principal balance for the existing loan as well as the upfront USDA guarantee fee of 1% and all of the closing costs.
  • No cash out is permitted using the USDA home refinance loan program.
  • Income source validation with regard to adult household residents becomes necessary for USDA source of income qualification only, not for ascertaining payment capability.
  • Credit seekers must be gainfully employed at the time of closing on the home refinance loan transaction or may have alternate suppliers of net income, for instance: pension income, social security money coming in, disability earnings, spousal support or child support.
  • The loan to value (LTV) cap is unlimited. No limitations for home-owners which are underwater significantly seeing their home value decreased in the past few years. No new appraisal or residential home examination is necessary!

Gainesville, FL USDA Rural Refinance

The fundamental intent behind the USDA refi process is to help out Florida’s rural residences that have lost sizeable equity in their home resulting from past economy corrections. A large number of Florida household owners have made their home loan payments punctually but could not reap the benefits of the historic low interests simply because of deprecation in home values and home equity limits applied by most lenders and banking institutions. This valuable new USDA Pilot Refinance loan program was compiled to make it easier for household owners, no matter what the current loan to value or negative equity.

Questions concerning Florida streamline USDA home refinance mortgage? Simply fill out the quick information request form on this page or phone us 7 days a week/ 9am-8pm at 800-743-7556.