The newest USDA Pilot Refinance mortgage loan process is now available to a huge number of rural home owners in Inverness and all through Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their mortgage into a less expensive rate of interest no matter what the mortgage loan to home value ratio. In addition upside-down and under water loans also qualify with this new program.

There are no out of pocket fees to the homeowner as closing costs can now be a part of the latest USDA Pilot home loan program. In order to qualify for the USDA rural refinance program, Inverness, FL home owners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Remember you have to already have a USDA rural housing mortgage to be qualified to apply for this refinancing program. If you already have a conventional loan or FHA loan there are different choices easily available.

The new USDA Pilot Refinance mortgage loan process will cut through the bureaucracy traditionally found with conventional bank refinancing and often times save individuals with mortgages hundreds of dollars each month. To be qualified, individuals with mortgages must have made their home loan payments on schedule for 12 continuous months. Currently there are over 25,000 people qualified in Florida exclusively – a great number of property owners around the communities of Ocala, Lakeland, Orlando, Jacksonville, Tampa and Gainesville are eligible!

Conditions of the new USDA Rural Refinance Pilot process include:

You need to presently have a USDA or Rural Housing mortgage loan. No matter what your home loan lender is, like Bank of America, Regions, or Chase, we’ll be able to assist you!

No mortgage late payments within the past year.

Mobile or Manufactured homes will not be eligible.

The new term of the USDA refinance will have to be a 30 year mortgage.

The up-front USDA guarantee fee is 2% that will be rolled into your new USDA mortgage loan.

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

The new home loan can include the principle balance of your existing loan together with the up front USDA guarantee charge of 2% and all closing costs.

No cash out is granted while using the USDA loan refinancing program.

Source of income verification for all adult household members is essential for USDA net income eligibility only, not for evaluating repayment ability.

Buyers are required to be gainfully employed at the time of closing on the home refinance request or may have different suppliers of income, including: your retirement income, social security earnings, disability benefits income, spousal support or child support.

The loan to value (LTV) cap is unrestricted. No limits for home owners which are under water seeing their home value decrease in the recent past. No new appraisal or property assessment is required!

USDA Rural Loan Refinancing in Inverness, FL

The main function of the USDA refinance process is to make it easier for Florida’s outlying households who have done all the things properly, but often have lost major equity in their home from the recent economy declines. Countless Florida household owners are making their home loan payments on-time but cannot make the most of the historically low interests due to deprecation in residential home values and equity constraints established by many lenders and banks. This kind of new USDA Pilot Refinance program is made to help house owners, regardless of the latest loan to value or negative loan equity.

Questions about the Florida streamline USDA re-finance loan? Simply submit the fast information form (upper right section of this page) or call us Seven days a week/ 9am-8pm at 800-743-7556. Please be aware currently we exclusively be of assistance to individuals with homes located within The State of Florida.