The latest USDA Pilot Refinance home finance loan program is now available to thousands of rural house owners in Keystone Heights and all through Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural homeowners to refinance their mortgage loan to a lower interest rate, no matter the mortgage loan to property value ratio. Even upside down and underwater loans also qualify with this new program.

There won’t be any up front costs for the owner of the home as closing costs can now be included in the all new USDA Pilot Refinance home loan. In order to qualify for the USDA rural refinance program, Keystone Heights, FL property owners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Keep in mind, you must already have a USDA rural housing mortgage to be eligible to this refinancing program. If you’ve already had a previous common mortgage loan or FHA loan, there are different alternatives offered.

The newest USDA Pilot Refinance mortgage program will help to reduce the paperwork routinely found with conventional bank refinancing and possibly save credit seekers hundreds of dollars monthly. In order to become qualified, individuals with mortgages must have made their payments on schedule for Twelve continuous months. Currently, there are over 25,000 homeowners qualified in The State of Florida exclusively – the majority of homeowners within the metropolitan areas including Orlando, Jacksonville, Tampa, Gainesville, Ocala and Lakeland are qualified!

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

You are required to currently have a USDA or Rural Housing homeowner loan. Regardless of your current mortgage company is, which includes Bank of America, Regions, or Chase, we will offer some assistance!
No mortgage late payments within the past year.
Manufactured or Mobile homes aren’t eligible.
The new term of the USDA home refinance is required to be a 30-year mortgage.
The upfront USDA guarantee fee is 1% which is to be combined with the new USDA mortgage.
The applied USDA annual/monthly fee is .35%
The new home finance loan can incorporate the principle balance of the existing mortgage loan and also the advance USDA guarantee fee of 2% and all the closing costs.
No cash out is accepted when using the USDA home refinance program.
Cashflow confirmation for adult household residents is required for USDA revenue qualification only, not for interpreting monthly payment capacity.
Buyers must be employed at the time of closing on the home refinance loan transaction or have alternative suppliers of net income, for instance: pension income, social security income, disability benefits income, spousal support or child support.
The loan to value (LTV) limit is unrestricted. Absolutely no constraints for the homeowners that are upside down, seeing their property value decrease in the recent past. No new appraisal or residential examination is required!

Keystone Heights USDA Rural Loan Refinancing

The key reason for the USDA refinance system is to help support Florida’s rural residences who have done anything and everything correctly, but could have lost considerable equity in the home resulting from the recent market fluctuations. Many Florida homeowners have made their mortgage repayments on-time but can’t make the most of the low interests, mainly because of deprecation in home values and equity regulations established by many lenders and mortgage lenders. This particular new USDA Pilot Refinance loan program was created to help out home buyers, regardless of latest loan to value or negative home equity.

Questions about the Florida streamline USDA re-finance mortgage? Simply submit the fast information request form (upper right section of this page) or just give us a call 7 days a week/ 9am-8pm at 800-743-7556. Please note, we assist homeowners nationwide.