The new USDA Pilot Refinance mortgage loan process is now available to thousands of rural property owners in Plant City and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural homeowners to refinance their home finance loan into a decreased monthly interest rate no matter what the home loan to property value ratio. Even upside-down and underwater loans also qualify with this new program.
There won’t be any out of pocket charges for the homeowner as closing costs can be a part of the modern USDA mortgage. In order to qualify for the USDA rural refinance program, Plant City, FL property owners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Keep in mind you need to currently have a USDA rural housing mortgage to be qualified to apply for the program. If you have a conventional loan or FHA loan there are different options to be had.
The most up-to-date USDA Pilot Refinance mortgage loan program will cut through the red tape typically seen with conventional bank loan refinancing and potentially save individuals with mortgages several hundred dollars a month. In order to become qualified to apply, people are required to have made their payments in a timely manner for Twelve consecutive months. Right now more than 40,000 home owners able to apply in Florida exclusively – a great deal of home buyers around the metropolitan areas of Tampa, Gainesville, Ocala, Lakeland, Orlando and Jacksonville are qualified!
Prerequisites for the new USDA Rural Refinance Pilot program include:
- You need to presently have a USDA or Rural Housing home owner loan. No matter what your mortgage carrier is, for example Regions, Chase or Bank of America, we will offer some assistance!
- No late mortgage payments in the past twelve months.
- Manufactured or Mobile homes are NOT eligible.
- The new terms of the USDA refinance will have to 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 yearly/monthly fee is .35%
- Your new home finance loan may include the principle balance of the existing loan together with the in advance USDA guarantee payment of 2% along with closing costs.
- No cash out is authorized with the USDA home refinance loan program.
- Earnings confirmation for all adult household members is needed for USDA source of income qualification requirements only, not for identifying payment ability.
- Borrowers are required to be currently employed at the time of closing on the refinance request or may have alternate suppliers of cash flow, such as: pension income, social security income, disability benefits earnings, alimony or child support.
- The loan to value (LTV) limit is unlimited. Zero limits for the homeowners which are underwater seeing their property value decline in the past several years. No new appraisal or home inspection is necessary!
Plant City, FL USDA Rural Refinance
The foremost goal of the USDA refi system is to make it easier for Florida’s rural households which may have done everything correctly, but sometimes have lost huge equity in the home on account of recent economy swings. A number of Florida homeowners are making their mortgage payments on schedule but can’t make the most of the historically low interest rates because of deprecation in property values and home equity regulations integrated by most lenders and banking companies. This kind of new USDA Pilot Refinance loan package was created to help house owners, in spite of the latest loan to value or negative loan equity.
Questions regarding the Florida streamline USDA refinancing plan mortgage? Simply fill out the quick info request form (top right part on this web page) or just phone us Seven days a week/ 9am-8pm at 800-743-7556. Please note at present we solely serve home owners with houses located in The State of Florida.