The new USDA Pilot Refinance home loan program is now available to several thousand rural property owners in Venice and throughout Florida. The new USDA Rural Development Pilot Refinance mortgage enables Florida’s rural homeowners to refinance their property finance loan into a cheaper monthly interest rate whatever the home loan to home and property value ratio. Even upside-down and under water loans also qualify with this new program.

There won’t be any up front fees to the home owner as closing costs are now a part of the new USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Venice, FL homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Please be aware you need to presently have a USDA rural housing mortgage to be permitted to this program. If you have a traditional loan or FHA loan there are different choices you can get.

The latest USDA Pilot Refinance mortgage process will prevent some of the paperwork traditionally found with traditional bank refinancing and potentially save credit seekers hundreds of dollars monthly. To be qualified, homeowners must have made their mortgage payments on schedule for 12 continuous months. There are over 20-30,000 individuals entitled in Florida exclusively – almost all home owners just outside the metropolitan areas of Gainesville, Ocala, Lakeland, Orlando, Jacksonville and Tampa are qualified!

Specifications for the new USDA Rural Refinancing Pilot application include:

You need to presently have a USDA or Rural Housing home owner loan. Regardless of your loan lender is, like Chase, Regions or Bank of America, we will help you!

No mortgage late payments in the past 12 months.

Mobile or Manufactured homes will not be eligible.

The new term of the USDA refinance has to be a 30 year fixed mortgage.

The up-front USDA guarantee fee is 2% which will be rolled into your new USDA mortgage.

The applied USDA yearly/monthly fee will be .35%

The new mortgage can sometimes include the principle balance for the existing home loan plus the upfront USDA guarantee rate of 2% and all of the closing costs.

No cash out is permitted using the USDA home refinance loan program.

Cashflow validation for all adult household members is required for USDA source of income eligibility only, not for analyzing repayment propensity.

Credit seekers will have to be currently employed during the time of closing on the refinance request or may have other providers of income, such as: retirement plan income, social security money coming in, disability earnings, spousal support or child support.

The loan to value (LTV) cap is unrestricted. Absolutely no limits for the homeowners which are under water and have seen the house value decrease in recent years. No new appraisal or household examination is needed!

Venice USDA Rural Loan Refinancing

The primary goal of the USDA refi process is to boost Florida’s outlying homes which have done all things right, but might have lost huge equity in their home caused by recent real estate market changes. Many Florida property owners make their mortgage payments on time but cannot take full advantage of the historically low interests on account of deprecation in home values and equity limits implemented by most lenders and consumer banking institutions. This new USDA Pilot Home refinance package was made to aid household owners, regardlesss of the latest LTV or negative loan equity.

Questions regarding the Florida streamline USDA refinance mortgage? Simply complete the quick information request form (upper right part on this web page) or even give us a call 7 days a week/ 9am-8pm at 800-743-7556. Take note we currently primarily help house owners with homes located within Florida.