The newest USDA Pilot Refinance mortgage program is now available to a huge number of rural property owners in Lake Mary and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their mortgage to a reduced monthly interest rate whatever the mortgage to property value ratio. In addition upside-down and under water loans also qualify with this new program.

There won’t be out of pocket fees for the homeowner as closing costs can now be a part of the modern USDA mortgage. In order to qualify for the USDA rural refinance program, Florida homeowners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. Please note you have to currently have a USDA rural housing mortgage to be permitted to this program. If you have a conventional home loan or FHA loan there are different options easily available.

The most up-to-date USDA Pilot Refinance mortgage loan process will cut through the bureaucracy commonly found with traditional bank loan refinancing and often times save homeowners hundreds of dollars a month. To be qualified to apply, people are required to have made their mortgage payments on time for Twelve straight months. Right now there are over 25,000 buyers eligible in The State of Florida alone – a great deal of property owners around the municipalities of Tampa, Gainesville, Ocala, Lakeland, Orlando and Jacksonville are eligible!

Qualifications for the newest USDA Rural Refinance Pilot application include:

You need to currently have a USDA or Rural Housing mortgage loan. No matter what your mortgage loan provider is, especially Bank of America, Chase or Regions, we’ll be able to assist you!
No late loan payment within the past year.
Mobile or Manufactured homes are NOT eligible.
The new terms of the USDA refinance must be a 30 year fixed mortgage.
The up-front USDA guarantee fee is 2% that is combined with the new USDA mortgage.
The applicable USDA annual/monthly fee is .35%
The new home loan can include the principle balance of the existing home loan as well the upfront USDA guarantee payment of 2% and all closing costs.
No cash out is allowed while using the USDA refinance program.
Wage verification with regard to adult household members becomes necessary for USDA source of income eligibility only, not for distinguishing repayment capacity.
Buyers must be currently employed at the time of closing on the home refinance request or may have alternative providers of income, for instance: pension income, social security earnings, disability income, alimony or child support.
The loan to value (LTV) limit is unlimited. Zero constraints for home-owners that are upside down significantly seeing their property value decline in the last few years. No new appraisal or residential home assessment is necessary!

USDA Rural Home Refinance in Lake Mary, FL

The principal objective of the USDA refinance process is to support Florida’s outlying residences who have done each and every thing right, but could quite possibly have lost considerable equity in their home as a result of the recent home market corrections. Countless Florida homeowners make their home loan payments on schedule but cannot benefit from the historic low interests on account of deprecation in residential home values and home equity limitations implemented by many lenders and bankers. The new USDA Pilot Home refinance program is built to support homeowners, in spite of the latest LTV or negative equity.

Do you need more info on the Florida streamline USDA home refinance loan? just submit the short Info Request Form on the right side of this page for fast service. Mobile users can find the Info Request Form here. You can also contact us at 7 days a week at ph: 800-743-7556

2015