The newest USDA Pilot Refinance mortgage loan package is now available to a great deal of rural house owners in Madison and all through Florida. The new USDA Rural Development Pilot Refinance mortgage will permit Florida’s rural homeowners to refinance their mortgage into a reduced monthly interest rate no matter the mortgage loan to home value ratio. In addition upside-down and under water loans also qualify with this new program.
There are not any out of pocket fees to the home owner as closing costs are now part of the latest USDA mortgage. In order to qualify for the USDA rural refinance program, Madison, FL property owners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. Please note you need to already have a USDA rural housing mortgage to be qualified to apply for this loan program. If you’ve already had a previous conventional mortgage loan or FHA loan there are different alternatives readily available.
The newest USDA Pilot Refinance mortgage loan program will help to curb the red tape usually found with conventional bank refinancing and possibly save individuals with mortgages several hundred dollars per month. To be qualified to apply, borrowers are required to have made their mortgage payments promptly for 12 continuous months. There are more than 20,000 customers eligible in The State of Florida alone – a great deal of homeowners around the communities including Tampa, Jacksonville, Tallahassee, Orlando, Lakeland, Ocala and Gainesville are qualified to apply!
Requirements for the new USDA Rural Refinancing Pilot process include:
USDA Rural Refinance in Madison
The basic goal of the USDA refinance process is to help Florida’s outlying residences which may have done all things correctly, but sometimes have lost sizable equity in their home caused by the recent market swings. A large number of Florida property owners are making their home loan repayments on-time but can’t make full use of the historically low interest rates mainly because of deprecation in home values and equity rules applied by many lenders and banking companies. This valuable new USDA Pilot Refinance package was established to assist property owners, in spite of current loan to value or negative home equity.
Questions regarding the Florida streamline USDA re-finance loan? Simply submit the quick information form (top right section of this web page) or just call us 7 days a week/ 9am-8pm at 800-743-7556. Please be aware at present we solely help people with real estate properties located in Florida.