The new USDA Pilot Refinance home finance loan program is now available to thousands of rural house owners in Fort Walton Beach and throughout Florida. The new USDA Rural Development Pilot Refinance mortgage allows Florida’s rural homeowners to refinance their home loan to a decreased rate of interest regardless of home loan to property value ratio. Even upside-down and underwater loans also qualify with this new program.
There aren’t any out of pocket fees for the owner of the home as closing costs can be included in the new USDA Pilot Refinance home loan. In order to qualify for the USDA rural refinance program, Fort Walton Beach, FL home owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Please note you have to currently have a USDA rural housing mortgage to be eligible for this program. If now have a traditional home loan or FHA loan there are different alternatives to be found.
The newest USDA Pilot Refinance mortgage loan program will help to eliminate some of the paperwork traditionally found with traditional bank loan refinancing and possibly save borrowers several hundred dollars each month. To become qualified, borrowers must have made their home loan payments in a timely manner for 12 straight months. Right now more than 25,000 individuals with mortgages qualified in Florida exclusively – a large amount of property owners within the communities including Tampa, Gainesville, Ocala, Lakeland, Orlando and Jacksonville are qualified to apply!
Specifications for the newest USDA Rural Refinancing Pilot process include:
- You need to currently have a USDA or Rural Housing home loan. No matter what your current loan carrier is, and this includes Chase, Bank Of America, or Regions, we will offer some assistance!
- No late loan payment in the past twelve months.
- Manufactured or Mobile homes will not be eligible.
- The new terms of the USDA home refinance is required to be a 30 year fixed mortgage.
- The upfront USDA guarantee fee is 2% which will be combined with the new USDA mortgage.
- The applicable USDA yearly/monthly fee is .35%
- Your new mortgage loan can incorporate the principle balance for the existing loan in addition to the up-front USDA guarantee payment of 2% and closing costs.
- No cash out is authorized using the USDA home refinance loan program.
- Income validation for adult household residents is necessary for USDA earnings qualification requirements only, not for evaluating monthly payment capability.
- Applicants are required to be currently employed at the time of closing on the refinance transaction or may have different sources of income, including: retirement plan income, social security money, disability earnings, spousal support or child support.
- The loan to value (LTV) max is unrestricted. No restrictions for the homeowners which are upside down dramatically watching their home value decline in the last few years. No new appraisal or household examination is necessary!
USDA Rural Refinance in Fort Walton Beach
The basic function of the USDA refi package is to boost Florida’s outlying homes which happen to have done anything and everything properly, but perhaps have lost considerable equity in their home from the recent market fluctuations. A number of Florida home buyers make their home loan repayments punctually but can’t take benefit from the historic low interests because of deprecation in residential home values and home equity rules set up by many lenders and finance companies. This valuable new USDA Pilot Loan refinancing program was established to make it easier for property owners, no matter the latest loan to value or negative equity.
Need more information about the Florida streamline USDA refinance loan? Just submit the short info request form (upper right section on this page) or just call us Seven days a week/ 9am-8pm at 800-743-7556. Serving all of Fort Walton Beach