The latest USDA Pilot Refinance mortgage program is now available to huge numbers of rural home-owners in Coconut Creek and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their mortgage to a less expensive interest rate regardless of mortgage to property value ratio. Even upside down and underwater loans also qualify with this new program.

There are no out of pocket charges for the home owner as closing costs can now be a part of the modern USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Coconut Creek, FL homeowners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Be aware you have to presently have a USDA rural housing mortgage to be permitted to the program. If you have a common home loan or FHA loan there are different options at your disposal.

The most up-to-date USDA Pilot Refinance mortgage loan process will help to eliminate some of the red tape generally seen with traditional bank mortgage refinancing and possibly save homeowners several hundred dollars every month. To be qualified to apply, people must have made their payments on-time for Twelve continuous months. Right now more than 30,000 individuals with mortgages able to apply in Florida alone – the majority of property owners around the areas of Gainesville, Tampa, Jacksonville, Orlando, Lakeland and Ocala are qualified!

Requirements for the newest USDA Rural Home Refinance Pilot program include:

You must currently have a USDA or Rural Housing home owner loan. Regardless of your current mortgage loan provider is, which includes Bank of America, Regions, or Chase, we are able to help you get started!

No late mortgage payments in the last year.

Mobile or Manufactured homes aren’t eligible.

The new term of the USDA home refinance has to be a 30 year mortgage.

The up front USDA guarantee fee is 2% that will be combined with your new USDA mortgage loan.

The applicable USDA yearly/monthly fee is .35%

The new home loan can include the principle balance on the existing loan as well as the up front USDA guarantee fee of 2% as well as all closing costs.

No cash out is granted when using the USDA home refinance program.

Income confirmation for all adult household residents is required for USDA revenue eligibility only, not for evaluating repayment capability.

Borrowers have to be currently employed at the time of closing on the refinance request or may have different suppliers of income, which include: your retirement income, social security income, disability benefits income, spousal support or child support.

The loan to value (LTV) cap is unlimited. Zero limits for home-owners which might be upside down and have seen the house value decrease in recent years. No new appraisal or house examination is necessary!

Coconut Creek USDA Rural Loan Refinancing

The basic function of the USDA refi application is to help support Florida’s outlying homes which have done everything correctly, but could have lost huge equity in the home as a result of recent market corrections. Countless Florida home buyers are making their mortgage repayments on schedule but can’t benefit from the historic low interest rates because of deprecation in home values and home equity restrictions established by many lenders and bankers. This particular new USDA Pilot Refinance loan program was made to aid home buyers, regardless of latest loan to value or negative equity.

Do you need more info on the Florida streamline USDA home refinance mortgage? Just submit the short info form (top right section on this page) or even call us Seven days a week/ 9am-8pm at 800-743-7556. Please be aware we currently exclusively support home owners with properties located within The State of Florida.