The latest USDA Pilot Refinance mortgage program is now available to a huge number of rural property owners in High Springs and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural home owners to refinance their property finance loan to a less expensive interest rate regardless of mortgage to property value ratio. In addition upside down and underwater loans also qualify with this new program.

There won’t be up front fees for the homeowner as closing costs can now be part of the new USDA mortgage. In order to qualify for the USDA rural refinance program, High Springs, FL property owners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. Remember you have to presently have a USDA rural housing mortgage to be qualified to the program. If you’ve already had a previous common home loan or FHA loan there are different alternatives to be found.

The newest USDA Pilot Refinance mortgage process will prevent the paperwork traditionally found with conventional bank loan refinancing and potentially save homeowners several hundred dollars each month. To become qualified, individuals with mortgages are required to have made their home loan payments in a timely manner for Twelve consecutive months. There are more than 40,000 home owners qualified in Florida exclusively – a great number of home buyers around the cities of Ocala, Gainesville, Tampa, Jacksonville, Orlando and Lakeland are able to apply!

Specifications of the newest USDA Rural Home Refinance Pilot program include:

You must presently have a USDA or Rural Housing mortgage. No matter what your existing mortgage company is, which includes Regions, Chase or Bank of America, we’re able to help you!

No late payments within the past twelve months.

Manufactured or Mobile homes will not be eligible.

The new term of the USDA home refinance must be a 30 year mortgage.

The up front USDA guarantee fee is 2% which will be combined with your new USDA mortgage.

The applicable USDA yearly/monthly fee will be .35%

Your new mortgage loan can sometimes include the principle balance on the existing mortgage as well the up front USDA guarantee rate of 2% and closing costs.

No cash out is granted using the USDA home refinance program.

Income source validation with regard to adult household residents is important for USDA net income qualification only, not for analyzing monthly payment capacity.

Credit seekers are required to be gainfully employed during the time of closing on the refinance transaction or may have other sources of net income, such as: retirement plan income, social security money, disability benefits income, spousal support or child support.

The loan to value (LTV) cap is unlimited. Absolutely no restrictions for home owners which might be under water dramatically watching their property value decline in recent years. No new appraisal or household assessment is necessary!

High Springs USDA Rural Home Refinance Loan

The core goal of the USDA refi process is to help Florida’s outlying households which have done all the things correctly, but could possibly have lost considerable equity in the home resulting from the recent real estate market declines. A great number of Florida property owners have made their home loan repayments in a timely manner but could not make full use of the historic low interests simply because of deprecation in home values and home equity rules implemented by many lenders and banking institutions. The new USDA Pilot Loan refinancing program is designed to help support home owners, irrespective of latest loan to value or negative home equity.

Questions concerning the Florida streamline USDA refinancing plan loan? Just fill out the quick information form (upper right area of this web page) or even give us a call Seven days a week/ 9am-8pm at 800-743-7556. Keep in mind currently we primarily assist household owners with houses located within The State of Florida.