The most up-to-date USDA Pilot Refinance home finance loan program is now available to a great deal of rural house owners in Sarasota and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural homeowners to refinance their mortgage loan to a less expensive interest rate whatever the home loan to home and property value ratio. Even upside down and under water loans also qualify with this new program.
There won’t be any up front fees for the home owner as closing costs are now included in the latest USDA Pilot home loan program. In order to qualify for the USDA rural refinance program, Florida property owners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Keep in mind you are required to already have a USDA rural housing mortgage to be qualified to apply for the program. If now have a conventional mortgage or FHA loan there are different choices at your disposal.
The latest USDA Pilot Refinance mortgage process will help to reduce the red tape routinely seen with conventional bank refinancing and possibly save individuals with mortgages several hundred dollars every month. In order to become qualified, homeowners are required to have made their home loan payments on-time for 12 continuous months. Right now more than 20,000 borrowers eligible in The State of Florida alone – almost all home buyers around the cities including Tampa, Jacksonville, Tallahassee, Orlando, Lakeland, Ocala and Gainesville are eligible!
Specifications of the new USDA Rural Refinancing Pilot process include:
- You are required to currently have a USDA or Rural Housing home loan. No matter what your current mortgage loan lender is, for example Regions, Bank of America or Chase, we will offer some assistance!
- No late payments in the last year.
- Manufactured or Mobile homes aren’t eligible.
- The new terms of the USDA refinance is required to be a 30 year fixed mortgage.
- The up front USDA guarantee fee is 2% which is combined with your new USDA mortgage.
- The applicable USDA annual/monthly fee will be .35%
- The new mortgage loan could include the principle balance on the existing loan together with the up front USDA guarantee rate of 2% and all of closing costs.
- No cash out is permitted when using the USDA home refinance loan program.
- Revenue verification with regard to adult household members is required for USDA earnings qualifications only, not for ascertaining payment capacity.
- Applicants have to be employed at the time of closing on the refinance transaction or have alternate origins of net income, such as: retirement plan income, social security money, disability income, spousal support or child support.
- The loan to value (LTV) limit is unrestricted. Absolutely no limits for home owners that are under water watching their property value decrease in the last few years. No new appraisal or household inspection is needed!
Sarasota, FL USDA Rural Home Refinance Loan
The most significant objective of the USDA refinance process is to aid Florida’s outlying residences who have done anything and everything right, but could possibly have lost sizeable equity in the home as a consequence of the recent home market changes. A large number of Florida property owners made their home loan repayments punctually but can’t make the most of the historic low interest rates mainly because of deprecation in home values and equity rules applied by most lenders and consumer banking institutions. The new USDA Pilot Home refinance package is built to aid household owners, no matter what the existing loan to value or negative equity.
Need more information about the Florida streamline USDA refinance mortgage? Just fill out the short information form (upper right part on this web page) or call us 7 days a week/ 9am-8pm at 800-743-7556. Please be aware at present we only support household owners with homes located in Florida. 2014