The new USDA Pilot Refinance home finance loan package is now available to a great deal of rural homeowners in Port St. Lucie and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural homeowners to refinance their property finance loan to a lower interest rate no matter what the home loan to home value ratio. In addition upside down and under water loans also qualify with this new program.

There aren’t any up front costs for the owner of the home as closing costs can be a part of the all new USDA mortgage. In order to qualify for the USDA rural refinance program, Florida home owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Remember you need to already have a USDA rural housing mortgage to be permitted to this refinancing program. If now have a common mortgage or FHA loan there are different options available on the market.

The new USDA Pilot Refinance mortgage loan process will help to curb the bureaucracy typically observed with traditional bank refinancing and potentially save borrowers several hundred dollars every month. To become qualified, home owners must have made their mortgage payments on-time for 12 continuous months. Right now there are over 20,000 borrowers entitled in The State of Florida alone – almost all homeowners around the communities including Jacksonville, Orlando, Lakeland, Ocala, Gainesville and Tampa are able to apply!

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

You need to currently have a USDA or Rural Housing mortgage. No matter what your existing mortgage loan lender is, and this includes Chase, Bank Of America, or Regions, we can assist you!

No mortgage late payments within the past year.

Mobile or Manufactured homes will not be eligible.

The new term of the USDA refinance will have to be a 30 year mortgage.

The upfront USDA guarantee fee is 2% that will be rolled into your new USDA mortgage loan.

The applied USDA yearly/monthly fee will be .35%

The new home finance loan can sometimes include the principle balance for the existing mortgage together with the up-front USDA guarantee payment of 2% and all of closing costs.

No cash out is allowed when using the USDA loan refinancing program.

Cashflow validation for all of the adult household members is essential for USDA revenue eligibility only, not for analyzing repayment capability.

Credit seekers need to be currently employed during the time of closing on the refinance transaction or have different sources of cashflow, which include: retirement income, social security money coming in, disability benefits revenue, alimony or child support.

The loan to value (LTV) cap is unlimited. No limits for home owners which might be underwater dramatically watching their home value decline in the past few years. No new appraisal or house examination is required!

Port St. Lucie USDA Rural Home Refinance Loan

The main function of the USDA refi application is to assist Florida’s rural households who have done all things correctly, but might have lost sizeable equity in the home as a consequence of recent marketplace declines. Countless Florida home buyers are making their mortgage repayments in a timely manner but can’t reap the benefits of the historically low interests on account of deprecation in property values and equity limits integrated by many lenders and financial institutions. This unique new USDA Pilot Home refinance loan program was compiled to aid home owners, regardlesss of latest LTV or negative equity.

Questions regarding the Florida streamline USDA refinance loan? Just fill out the quick info form (top right part on this web page) or even call us 7 days a week/ 9am-8pm at 800-743-7556. Take note currently we only support home owners with homes located within The State of Florida.