The newest USDA Pilot Refinance property finance loan process is now available to a good number of rural property owners in Palm Bay and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage permits Florida’s rural homeowners to refinance their home owner loan to a smaller interest rate regardless of the mortgage loan to home and property value ratio. Even upside down and under water loans also qualify with this new program.
There are no out of pocket costs for the home owner as closing costs can now be included in the latest USDA Pilot home loan program. 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 full guarantee mortgage. Please note you need to currently have a USDA rural housing mortgage to be qualified to the program. If you’ve already had a previous traditional mortgage loan or FHA loan there are different choices you can get.
The most recent USDA Pilot Refinance mortgage loan program will help to reduce the bureaucracy generally seen with traditional bank mortgage refinancing and often times save credit seekers several hundred dollars monthly. To be qualified, homeowners are required to have made their payments on time for 12 straight months. There are over 30,000 home owners qualified in Florida alone – a great number of property owners within the municipalities of Gainesville, Ocala, Lakeland, Orlando, Jacksonville and Tampa are eligible!
Requirements for the newest USDA Rural Refinance Pilot process include:
Palm Bay USDA Rural Refinance
The principal aim of the USDA refinance application is to assist Florida’s outlying residences which happen to have done all of it properly, but could have lost sizable equity in their home because of the the recent marketplace swings. A large amount of Florida household owners make their home loan payments on-time but could not reap the benefits of the historic low interests simply because of deprecation in residential home values and home equity constraints set up by most lenders and banking institutions. This new USDA Pilot Refinance mortgage loan program is designed to aid home owners, in spite of the latest LTV or negative equity.
Need more information about the Florida streamline USDA re-finance mortgage? Simply submit the short information form (upper right section of this web page) or even phone us Seven days a week/ 9am-8pm at 800-743-7556. Keep in mind we currently primarily help out household owners with property located within Florida.