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USDA Rural Home Refinance Loan in Brandon, FL

This page updated and accurate as of 01/15/2025

The newest USDA Pilot Refinance mortgage process is now available to tens of thousands of rural homeowners in Brandon and all over The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will allow Florida’s rural homeowners to refinance their home owner loan to a cheaper monthly interest rate no matter the home loan to home and property value ratio. In addition upside down and under water loans also qualify with this new program.

There won’t be any up front costs to the owner of the home as closing costs are now part of the all new USDA Pilot home loan program. In order to qualify for the USDA rural refinance program, Brandon, FL home owners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Remember you need to presently have a USDA rural housing mortgage to be eligible to this program. If now have a conventional mortgage loan or FHA loan there are different alternatives that can be found.

The most recent USDA Pilot Refinance mortgage loan process will help to eliminate some of the red tape typically experienced with conventional bank mortgage refinancing and potentially save credit seekers hundreds of dollars per month. To be qualified, home owners are required to have made their payments promptly for 12 consecutive months. Currently there are over 20,000 men and women able to apply in The State of Florida exclusively – a great number of property owners just outside the areas including Gainesville, Tampa, Jacksonville, Orlando, Lakeland and Ocala are qualified to apply!

Requirements of the newest USDA Rural Refinancing Pilot application include:

  • You must currently have a USDA or Rural Housing home owner loan. No matter what your mortgage loan source is, including Bank of America, Chase or Regions, we will offer some assistance!
  • No mortgage late payments within the last twelve months.
  • Manufactured or Mobile homes will not be eligible.
  • The new terms of the USDA home refinance must be a 30 year fixed mortgage.
  • The up-front USDA guarantee fee is 1% that is rolled into your new USDA mortgage.
  • The applicable USDA annual/monthly fee is .35%
  • Your new home loan may incorporate the principal balance for the existing loan and also the up-front USDA guarantee charge of 1% and closing costs.
  • No cash out is accepted when using the USDA home refinance program.
  • Earnings validation with regard to adult household members is essential for USDA income source qualification only, not for determining monthly payment ability.
  • Credit seekers have got to be currently employed at the time of closing on the refinance transaction or may have alternate providers of net income, for instance: retirement income, social security money coming in, disability earnings, spousal support or child support.
  • The loan to value (LTV) limit is unlimited. No limitations for the homeowners which are underwater seeing the house value decreased in recent years. No new appraisal or residential home inspection is needed!

Brandon USDA Rural Home Refinance

The biggest intent of the USDA refinance system is to support Florida’s rural residences who have done anything and everything properly but might have lost significant equity in their home due to the recent real estate market swings. A large amount of Florida homeowners make their home loan payments on time but cannot make the most of the historically low interest rates simply because of deprecation in home values and home equity rules integrated by most lenders and financial institutions. The new USDA Pilot Refinance loan package was compiled to make it easier for household owners, regardlesss of the latest LTV or negative loan equity.

Do you need more info on the Florida streamline USDA refinancing plan loan? Just fill out the short information request form or call us 7 days a week/ 9am-8pm at 800-743-7556.