The most up-to-date USDA Pilot Refinance home owner loan program is now available to thousands of rural home-owners in Cocoa Beach and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage allows Florida’s rural homeowners to refinance their mortgage loan into a smaller rate of interest no matter the home loan to home value ratio. Even upside down and underwater loans also qualify with this new program.
There are no out of pocket costs for the owner of the home as closing costs can be part of the new USDA Pilot home loan program. In order to qualify for the USDA rural refinance program, Cocoa Beach, FL homeowners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. Be aware you must presently have a USDA rural housing mortgage to be qualified to apply for this refinancing program. If you have a conventional home loan or FHA loan there are different alternatives that can be found.
The most recent USDA Pilot Refinance mortgage process will prevent some of the red tape usually observed with conventional bank refinancing and often times save individuals with mortgages several hundred dollars every month. In order to become qualified, credit seekers must have made their mortgage payments on schedule for 12 straight months. There are over 25,000 individuals entitled in Florida exclusively – numerous home buyers just outside the areas of Lakeland, Ocala, Gainesville, Tampa, Jacksonville and Orlando are eligible!
Prerequisites of the new USDA Rural Refinance Pilot program include:
- You are required to currently have a USDA or Rural Housing home owner loan. No matter what your mortgage loan company is, which includes Chase, Bank Of America, or Regions, we’ll be able to offer some assistance!
- No mortgage late payments in the past year.
- Manufactured or Mobile homes are NOT eligible.
- The new term of the USDA home refinance is required to be a 30 year mortgage.
- The up front USDA guarantee fee is 2% that is combined with a new USDA mortgage.
- The applicable USDA yearly/monthly fee is .35%
- Your new loan can include the principle balance of the existing mortgage loan and also the initial USDA guarantee rate of 2% and all of the closing costs.
- No cash out is granted with the USDA home refinance loan program.
- Income validation for all adult household members is required for USDA revenue eligibility only, not for establishing monthly payment capability.
- Individuals with mortgages will need to be gainfully employed during the time of closing on the refinance transaction or may have alternative origins of cashflow, for example: retirement income, social security income, disability revenue, spousal support or child support.
- The loan to value (LTV) max is unlimited. Absolutely no limits for home-owners which might be under water and have seen their home value decline in the last few years. No new appraisal or property examination is necessary!
USDA Rural Loan Refinancing in Cocoa Beach, FL
The predominant intent behind the USDA refinance system is to support Florida’s outlying homes who have done all things correctly, but might have lost significant equity in the home as a consequence of recent real estate market changes. A great number of Florida homeowners have made their home loan payments in a timely manner but could not reap the benefits of the historic low interests due to deprecation in property values and equity regulations applied by most lenders and consumer banking institutions. This particular new USDA Pilot Refinance mortgage loan program is created to aid home owners, regardlesss of existing LTV or negative loan equity.
Need more information about the Florida streamline USDA refinance loan? Just submit the short info form (upper right part of this web page) or simply phone us 7 days a week/ 9am-8pm at 800-743-7556. Serving all of Cocoa Beach / Brevard County