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USDA Rural Home Refinance Loan in Winter Garden

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

The most up-to-date USDA Pilot Refinance mortgage loan process is now available to a good number of rural homeowners in Winter Garden and all over the State of Florida. The new USDA Rural Development Pilot Refinance mortgage will allow Florida’s rural homeowners to refinance their homeowner loan into a lesser interest rate no matter the home loan to home and property value ratio. Even upside-down and underwater loans also qualify with this new program.

There are not any out of pocket charges for the homeowner as closing costs can now be included in the latest USDA mortgage. In order to qualify for the USDA rural refinance program, Florida homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Keep in mind you need to presently have a USDA rural housing mortgage to be eligible to this loan program. If now have a traditional loan or FHA loan there are different choices that can be found.

The newest USDA Pilot Refinance mortgage program will help to eliminate some of the red tape typically seen with traditional bank loan refinancing and potentially save credit seekers several hundred dollars a month. In order to become qualified, homeowners must have made their payments on-time for 12 straight months. There are over 30,000 applicants qualified to apply in Florida alone – a large number of homeowners around the cities including Ocala, Gainesville, Tampa, Jacksonville, Orlando and Lakeland are qualified to apply!

Specifications for the new USDA Rural Refinance Pilot program include:

  • You need to currently have a USDA or Rural Housing home owner loan. No matter what your mortgage loan company is, most notably Chase, Bank Of America, or Regions, we will offer some assistance!
  • No late payments within the last year.
  • Manufactured or Mobile homes aren’t eligible.
  • The new term of the USDA home refinance is required to be a 30 year fixed mortgage.
  • The up-front USDA guarantee fee is 1% which is to be rolled into your new USDA mortgage loan.
  • The applicable USDA annual/monthly fee is .55%
  • Your new mortgage can incorporate the principal balance on the existing home loan in addition to the upfront USDA guarantee fee of 1% and all of the closing costs.
  • No cash out is accepted when using the USDA home refinance loan program.
  • Earnings validation for all adult household residents becomes necessary for USDA revenue qualification requirements only, not for establishing repayment propensity.
  • Credit seekers will have to be currently employed at the time of closing on the refinance request or have other providers of earnings, for example, pension income, social security earnings, disability earnings, alimony or child support.
  • The loan to value (LTV) max is unrestricted. No limitations for home-owners that are upside-down watching the house value decreased in recent years. No new appraisal or property assessment is needed!

Winter Garden, FL USDA Rural Home Refinance

The vital function of the USDA refinance system is to help Florida’s rural households that have done all the things right, but could have lost significant equity in their home on account of the recent home market fluctuations. A lot of Florida household owners make their home loan repayments on time but can’t make full use of the historic low interests mainly because of deprecation in home values and equity restrictions set up by most lenders and banking institutions. This unique new USDA Pilot Refinance package was established to make it easier for homeowners, regardlesss of latest loan to value or negative equity.

Questions regarding Florida streamline USDA refinance mortgage? Just submit the quick info request form (upper right side on this page) or simply phone us 7 days a week/ 9am-8pm at 800-743-7556. Take note currently we primarily help out homeowners with residences located in The State of Florida.