The newest USDA Pilot Refinance home loan program is now available to several thousand rural house owners in Port Charlotte and all over The State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural home owners to refinance their property finance loan to a decreased interest rate no matter the home loan to home value ratio. Even upside-down and underwater loans also qualify with this new program.
There are no up front fees for the homeowner as closing costs can be included in the latest USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Port Charlotte, FL property owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Please be aware you are required to presently have a USDA rural housing mortgage to be qualified to apply for this refinancing program. If you’ve got a common mortgage loan or FHA loan there are different alternatives to be found.
The most recent USDA Pilot Refinance mortgage loan program will help to curb the bureaucracy traditionally experienced with conventional bank refinancing and potentially save homeowners several hundred dollars per month. To become qualified to apply, borrowers are required to have made their payments in a timely manner for 12 continuous months. Right now more than 20-30,000 homeowners qualified in Florida alone – a great deal of property owners just outside the municipalities including Orlando, Lakeland, Ocala, Gainesville, Tampa and Jacksonville are qualified to apply!
Conditions for the newest USDA Rural Refinancing Pilot program include:
- You must presently have a USDA or Rural Housing mortgage loan. No matter what your loan source is, that includes Bank of America, Regions, or Chase, we’re able to help you!
- No mortgage late payments during the last 12 months.
- Mobile or Manufactured homes aren’t eligible.
- The new term of the USDA refinance must be a 30 year fixed mortgage.
- The upfront USDA guarantee fee is 2% which is to be combined with the new USDA mortgage loan.
- The applicable USDA yearly/monthly fee is .40%
- The new loan might include the principle balance of the existing loan plus the initial USDA guarantee payment of 2% along with closing costs.
- No cash out is allowed with the USDA home refinance program.
- Earnings confirmation for all the adult household members is required for USDA income qualifications only, not for identifying repayment capacity.
- Credit seekers have got to be gainfully employed at the time of closing on the refinance request or have alternate suppliers of cashflow, for instance: retirement plan income, social security money, disability earnings, alimony or child support.
- The loan to value (LTV) limit is unlimited. No limitations for homeowners which might be upside down dramatically watching their property value decrease in recent years. No new appraisal or property inspection is needed!
Port Charlotte, FL USDA Rural Home Refinance Loan
The foremost reason for the USDA refinance package is to aid Florida’s outlying homes which have done everything properly, but often have lost considerable equity in their home as a result of the recent market corrections. Many Florida homeowners make their mortgage payments on schedule but can’t reap the benefits of the historically low interest rates because of deprecation in property values and equity limits established by many lenders and bankers. This valuable new USDA Pilot Refinance mortgage loan package is built to support home owners, regardless of existing LTV or negative loan equity.
Need more information about the Florida streamline USDA refinance loan? Simply complete the short info form (top right section of this web page) or even phone us Seven days a week/ 9am-8pm at 800-743-7556. Take note we currently exclusively assist home buyers with residences located in Florida & Georgia 2015.