The most up-to-date USDA Pilot Refinance property finance loan program is now available to thousands of rural home owners in Lakeland and all over The State of Florida. The new USDA Rural Development Pilot Refinance mortgage permits Florida’s rural homeowners to refinance their home loan into a much lower monthly interest rate regardless of the mortgage to property value ratio. In addition upside down and under water loans also qualify with this new program.
There won’t be out of pocket costs for the home owner as closing costs can be included in the all new USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Florida property owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Please be aware you are required to already have a USDA rural housing mortgage to be qualified to this loan program. If now have a traditional mortgage loan or FHA loan there are different alternatives easily available.
The latest USDA Pilot Refinance mortgage loan program will prevent the red tape normally experienced with traditional bank mortgage refinancing and possibly save borrowers hundreds of dollars monthly. To become qualified, homeowners are required to have made their home loan payments on-time for 12 consecutive months. There are over 20,000 borrowers qualified in The State of Florida exclusively – a great deal of home buyers around the municipalities of Ocala, Lakeland, Orlando, Jacksonville, Tampa and Gainesville are qualified to apply!
Qualifications for the newest USDA Rural Home Refinance Pilot application include:
- You must currently have a USDA or Rural Housing home owner loan. Regardless of your existing home finance loan carrier is, including Bank of America, Regions, or Chase, we’ll be able to help you get started!
- No mortgage late payments during the last 12 months.
- Mobile or Manufactured homes aren’t eligible.
- The new term of the USDA refinance is required to be a 30 year fixed mortgage.
- The upfront USDA guarantee fee is 2% that will be combined with your new USDA mortgage loan.
- The applicable USDA annual/monthly fee will be .35%
- Your new mortgage loan might include the principle balance of your existing loan as well as the upfront USDA guarantee fee of 2% and all of the closing costs.
- No cash out is allowed using the USDA home refinance loan program.
- Income verification with regard to adult household residents is necessary for USDA income source eligibility only, not for ascertaining payment capacity.
- Applicants will have to be employed during the time of closing on the refinance transaction or may have alternative sources of net income, for instance: pension income, social security money coming in, disability earnings, alimony or child support.
- The loan to value (LTV) max is unlimited. No restrictions for homeowners that are under water watching their home value decrease in the recent past. No new appraisal or residential home assessment is required!
Lakeland, FL USDA Rural Loan Refinancing
The vital intent behind the USDA refinance process is to help out Florida’s outlying residences which have done all the things properly, but may have lost sizeable equity in the home caused by the recent marketplace fluctuations. A large number of Florida property owners make their home loan payments on time but cannot take advantage of the historically low interest rates because of deprecation in property values and equity constraints integrated by most lenders and financial institutions. This particular new USDA Pilot Loan refinancing program was made to help homeowners, in spite of existing LTV or negative equity.
Questions concerning the Florida streamline USDA refinancing plan loan? Just complete the short info request form (upper right area of this web page) or even phone us 7 days a week/ 9am-8pm at 800-743-7556. Take note currently we solely help people with residences located within The State of Florida. 2014