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Pensacola USDA Rural Loan Refinancing

This page updated and accurate as of 01/24/2025

The newest USDA Pilot Refinance mortgage loan program is now available to tens of thousands of rural property owners in Pensacola and all over The State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural homeowners to refinance their property finance loan into a decreased rate of interest regardless of the mortgage to home value ratio. Even upside down and under water loans also qualify with this new program.

There aren’t any out of pocket costs for the homeowner as closing costs can be included in the new USDA mortgage. 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. Be aware you need to presently have a USDA rural housing mortgage to be qualified to apply for this refinancing program. If you’ve already had a previous conventional home loan or FHA loan there are different choices that are available.

The new USDA Pilot Refinance mortgage loan program will prevent the bureaucracy traditionally found with conventional bank mortgage refinancing and possibly save individuals with mortgages several hundred dollars per month. To be qualified, individuals with mortgages are required to have made their payments on time for 12 straight months. There are over 35,000 homeowners entitled in The State of Florida exclusively – the majority of homeowners around the cities including Gainesville, Tampa, Jacksonville, Orlando, Lakeland and Ocala are able to apply!

Qualifications of the new 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, for example Bank of America, Chase or Regions, we are able to offer some assistance!
  • No late loan payment in the past twelve months.
  • Manufactured or Mobile homes are NOT eligible.
  • The new terms of the USDA home refinance must be a 30 year mortgage.
  • The up-front USDA guarantee fee is 1% that is rolled into your new USDA mortgage.
  • The applied USDA annual/monthly fee is .35%
  • The new mortgage loan can sometimes include the principle balance on the existing mortgage along with the in advance USDA guarantee rate of 1% and all closing costs.
  • No cash out is allowed using the USDA refinance program.
  • Earnings validation for adult household members is needed for USDA revenue qualification only, not for identifying payment ability.
  • Borrowers need to be employed during the time of closing on the home refinance transaction or have alternative origins of cashflow, for example, retirement plan income, social security income, disability income, alimony, or child support.
  • The loan to value (LTV) limit is unlimited. No limitations for home-owners that are underwater dramatically watching their home value decline in the last few years. No new appraisal or house assessment is necessary!

USDA Rural Refinance in Pensacola

The basic purpose of the USDA refi program is to boost Florida’s outlying households which happen to have done all things correctly, but could quite possibly have lost considerable equity in the home attributable to the recent market fluctuations. Most Florida household owners made their mortgage repayments on time but cannot reap the benefits of the historic low interest rates simply because of deprecation in residential home values and home equity restrictions applied by many lenders and loan companies. This particular new USDA Pilot Refinance mortgage loan program was established to help home buyers, no matter the current loan to value or negative home equity.

Questions about the Florida streamline USDA home refinance loan? Just submit the fast info request form (upper right area of this page) or simply call us Seven days a week/ 9am-8pm at 800-743-7556.