The new USDA Pilot Refinance mortgage loan process is now available to huge numbers of rural homeowners in Lehigh Acres and all over The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their property finance loan into a less expensive interest rate no matter what the mortgage loan to home and property value ratio. In addition upside-down and underwater loans also qualify with this new program.
There are no out of pocket fees to the homeowner as closing costs can be part of the modern USDA Pilot Refinance home loan. In order to qualify for the USDA rural refinance program, Florida homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Please note you have to presently have a USDA rural housing mortgage to be eligible to this refinancing program. If now have a common loan or FHA loan there are different alternatives available.
The newest USDA Pilot Refinance mortgage loan program will cut through the bureaucracy typically experienced with conventional bank refinancing and often times save borrowers several hundred dollars each month. To be qualified to apply, borrowers are required to have made their mortgage payments in a timely manner for 12 consecutive months. Right now there are over 20,000 applicants able to apply in The State of Florida alone – a large amount of home buyers in the areas including Lakeland, Ocala, Gainesville, Tampa, Jacksonville and Orlando are able to apply!
Specifications for the newest USDA Rural Refinancing Pilot process include:
- You must presently have a USDA or Rural Housing home loan. Regardless of your existing home loan carrier is, among them Regions, Bank of America or Chase, we’re able to assist!
- No late loan payment in the last 12 months.
- Mobile or Manufactured homes are NOT eligible.
- The new term of the USDA home refinance has to be a 30 year mortgage.
- The up front USDA guarantee fee is 2.75% which is combined with your new USDA mortgage loan. ( as of 2015)
- The applied USDA annual/monthly fee is .50% ( as of 2015)
- Your new mortgage loan might include the principle balance for the existing mortgage as well as the up front USDA guarantee payment of 2.75% as well as all closing costs.
- No cash out is accepted using the USDA home refinance loan program.
- Earnings validation for adult household members is essential for USDA source of income eligibility only, not for identifying payment capability.
- Credit seekers have got to be currently employed during the time of closing on the home refinance loan transaction or have different origins of cash flow, which include: retirement plan income, social security income, disability benefits earnings, alimony or child support.
- The loan to value (LTV) cap is unrestricted. Zero restrictions for home owners that are upside down watching their home value decline in the past several years. No new appraisal or house assessment is necessary!
USDA Rural Home Refinance in Lehigh Acres
The prime objective of the USDA refinance application is to assist Florida’s outlying residences which happen to have done all things correctly, but sometimes have lost substantial equity in the home as a result of the recent real estate market corrections. Countless Florida home owners make their mortgage payments on-time but can’t take advantage of the historic low interests due to deprecation in home values and home equity constraints implemented by many lenders and finance companies. This important new USDA Pilot Home refinance program was made to assist homeowners, regardless of current LTV or negative equity.
Do you need more info on the Florida streamline USDA home refinance mortgage? Simply submit the quick information request form (top right side on this web page) or just give us a call Seven days a week/ 9am-8pm at 800-743-7556. Take note at present we only be of assistance to individuals with properties located within Florida & Georgia.