The latest USDA Pilot Refinance home owner loan package is now available to tens of thousands of rural homeowners in Lake City and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural home owners to refinance their home loan into a cheaper interest rate no matter the mortgage to home value ratio. In addition upside-down and under water loans also qualify with this new program.

There won’t be up front fees for the home owner as closing costs can be included in the all new USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Lake City, FL property owners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Please be aware you have to already have a USDA rural housing mortgage to be qualified for this loan program. If you already have a common mortgage or FHA loan there are different options offered.

The most recent USDA Pilot Refinance mortgage program will help to eliminate some of the red tape traditionally experienced with conventional bank mortgage refinancing and often times save borrowers hundreds of dollars monthly. In order to become qualified to apply, homeowners are required to have made their home loan payments in a timely manner for 12 straight months. There are more than 25,000 people entitled in Florida alone – a great deal of home owners in the areas including Ocala, Lakeland, Orlando, Jacksonville, Tampa and Gainesville are eligible!

Requirements for the new USDA Rural Refinancing Pilot application include:

You need to currently have a USDA or Rural Housing home loan. No matter what your mortgage loan provider is, that includes Chase, Bank Of America, or Regions, we will help you get started!

No late payments in the past 12 months.

Mobile or Manufactured homes will not be eligible.

The new term of the USDA home refinance must be a 30 year fixed mortgage.

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

The applicable USDA annual/monthly fee will be .35%

The new mortgage loan could include the principle balance for the existing mortgage loan together with the initial USDA guarantee rate of 2% and all closing costs.

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

Income source validation for all of the adult household members is important for USDA source of income qualification only, not for distinguishing payment ability.

Individuals with mortgages need to be gainfully employed during the time of closing on the home refinance transaction or may have other origins of net income, which include: your retirement income, social security earnings, disability benefits revenue, spousal support or child support.

The loan to value (LTV) cap is unlimited. No limitations for home-owners that are underwater and have seen their property value decrease in the past few years. No new appraisal or household inspection is needed!

Lake City, FL USDA Rural Refinance

The essential function of the USDA refi system is to assist Florida’s rural homes that have done all the things properly, but might have lost huge equity in the home because of recent real estate market declines. Many Florida homeowners are making their mortgage repayments on schedule but could not benefit from the historic low interest rates on account of deprecation in residential home values and equity constraints set up by most lenders and banks. This important new USDA Pilot Refinance package was made to support home owners, irrespective of the latest loan to value or negative equity.

Need more information about the Florida streamline USDA refinance loan? Simply fill out the quick information request form (top right side on this web page) or simply phone us Seven days a week/ 9am-8pm at 800-743-7556. Please note currently we solely assist household owners with residences located within Florida.