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Panama City Beach, FL USDA Rural Refinance

This page updated and accurate as of 01/15/2025

The newest USDA Pilot Refinance home finance loan process is now available to thousands of rural homeowners in Panama City Beach and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will permit Florida’s rural homeowners to refinance their mortgage loan to a smaller rate of interest no matter the home loan to home and property value ratio. Even upside down and underwater loans also qualify with this new program.

There aren’t any out of pocket fees for the homeowner as closing costs can now be included in the new USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Florida home owners 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 qualified for this refinancing program. If you’ve already had a previous conventional loan or FHA loan there are different alternatives to be had.

The latest USDA Pilot Refinance mortgage program will help to eliminate some of the bureaucracy traditionally found with traditional bank mortgage refinancing and possibly save credit seekers several hundred dollars every month. In order to become qualified, people must have made their mortgage payments on schedule for Twelve straight months. There are more than 40,000 homeowners qualified in The State of Florida exclusively – many home owners in the cities including Ocala, Gainesville, Tampa, Jacksonville, Orlando and Lakeland are able to apply!

Qualifications of the newest USDA Rural Refinancing Pilot application include:

  • You are required to currently have a USDA or Rural Housing home owner loan. No matter what your existing mortgage loan source is, most notably Bank of America, Regions, or Chase, we’ll be able to help you get started!
  • No mortgage late payments in the past year.
  • Mobile or Manufactured homes aren’t eligible.
  • The new term of the USDA refinance will have to be a 30 year fixed mortgage.
  • The up-front USDA guarantee fee is 1% that is combined with the new USDA mortgage loan.
  • The applicable USDA yearly/monthly fee will be .35%
  • The new home loan could include the principle balance on the existing mortgage as well as the initial USDA guarantee payment of 1% and all closing costs.
  • No cash out is granted while using the USDA loan refinancing program.
  • Earnings validation for all the adult household residents is important for USDA earnings qualifications only, not for defining repayment capacity.
  • Individuals with mortgages will have to be currently employed at the time of closing on the home refinance loan transaction or may have alternate suppliers of earnings, for instance: pension income, social security money coming in, disability benefits earnings, spousal support or child support.
  • The loan to value (LTV) cap is unlimited. Zero limitations for homeowners that are underwater seeing their home value decline in past years. No new appraisal or home assessment is required!

USDA Rural Home Refinance in Panama City Beach

The predominant objective of the USDA refinance process is to make it easier for Florida’s rural homes that have done everything properly, but might have lost considerable equity in their home because of recent economy changes. Many Florida homeowners have made their home loan repayments punctually but can’t reap the benefits of the historically low interest rates because of deprecation in home values and home equity limitations carried out by most lenders and mortgage lenders. This new USDA Pilot Refinance package was made to assist homeowners, regardless of the latest loan to value or negative loan equity.

Do you need more info on the Florida streamline USDA re-finance loan? Simply fill out the short information form (top right side of this page) or just give us a call 7 days a week/ 9am-8pm at 800-743-7556.