The new USDA Pilot Refinance mortgage loan program is now available to a good number of rural property owners in Tamarac and all over Florida. The new USDA Rural Development Pilot Refinance mortgage will permit Florida’s rural home owners to refinance their home loan to a lower interest rate whatever the mortgage to property value ratio. In addition upside-down and underwater loans also qualify with this new program.
There won’t be any up front fees for the owner of the home as closing costs are now a part of the latest USDA mortgage. In order to qualify for the USDA rural refinance program, Tamarac, 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 qualified to apply for this program. If you’ve already had a previous common loan or FHA loan there are different alternatives to be had.
The latest USDA Pilot Refinance mortgage loan process will prevent some of the bureaucracy commonly observed with traditional bank refinancing and often times save borrowers several hundred dollars each month. To be qualified to apply, people are required to have made their mortgage payments on-time for Twelve straight months. Right now there are over 40,000 home owners qualified to apply in Florida alone – a large amount of home owners just outside the municipalities including Orlando, Lakeland, Ocala, Gainesville, Tampa and Jacksonville are able to apply!
Conditions for the newest USDA Rural Refinancing Pilot program include:
Tamarac, FL USDA Rural Home Refinance Loan
The main goal of the USDA refinance process is to support Florida’s outlying homes that have done all things properly, but may have lost sizeable equity in their home resulting from the recent market fluctuations. Countless Florida home owners have made their home loan repayments in a timely manner but cannot reap the benefits of the historically low interest rates because of deprecation in property values and home equity limits put in place by most lenders and finance companies. This particular new USDA Pilot Home refinance loan package is created to help out house owners, despite existing loan to value or negative equity.
Do you need more info on the Florida streamline USDA re-finance loan? Simply complete the quick info request form (top right part of this page) or just phone us 7 days a week/ 9am-8pm at 800-743-7556. Take note at present we exclusively be of assistance to household owners with homes located in Florida.