The new USDA Pilot Refinance home finance loan package is now available to tens of thousands of rural house owners in Aventura and all over Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their home loan to a lower monthly interest rate regardless of the mortgage to property value ratio. In addition upside-down and underwater loans also qualify with this new program.

There won’t be any up front costs for the home owner as closing costs can now be part of the new USDA Pilot home loan program. In order to qualify for the USDA rural refinance program, Florida homeowners must currently have either a direct USDA loan or a USDA 502 full guarantee mortgage. You should be aware you have to currently have a USDA rural housing mortgage to be qualified to apply for the program. If now have a common home loan or FHA loan there are different options at your disposal.

The latest USDA Pilot Refinance mortgage program will help to reduce the red tape normally seen with traditional bank refinancing and possibly save homeowners several hundred dollars a month. To become qualified to apply, individuals with mortgages are required to have made their home loan payments on schedule for Twelve straight months. Right now there are over 20,000 homeowners eligible in Florida alone – many home owners just outside the metropolitan areas of Orlando, Jacksonville, Tampa, Gainesville, Ocala and Lakeland are qualified!

Qualifications for the newest USDA Rural Refinancing Pilot program include:

You need to presently have a USDA or Rural Housing mortgage. No matter what your existing loan lender is, for example Regions, Bank of America or Chase, we will help you!

No late loan payment over the past twelve months.

Manufactured or Mobile homes will not be eligible.

The new terms of the USDA home refinance must be a 30 year fixed mortgage.

The upfront USDA guarantee fee is 2% that will be rolled into the new USDA mortgage loan.

The applicable USDA annual/monthly fee will be .35%

The new home loan can incorporate the principle balance on the existing mortgage loan and also the upfront USDA guarantee rate of 2% and all of closing costs.

No cash out is allowed when using the USDA home refinance program.

Earnings confirmation for adult household residents is essential for USDA income qualification requirements only, not for interpreting payment capacity.

Individuals with mortgages will need to be currently employed at the time of closing on the refinance transaction or have alternate providers of cashflow, which include: retirement income, social security money, disability earnings, spousal support or child support.

The loan to value (LTV) limit is unrestricted. Zero limitations for home owners which might be upside down and have seen the house value decrease in the past few years. No new appraisal or house assessment is needed!

Aventura USDA Rural Home Refinance

The biggest intent of the USDA refinance package is to help out Florida’s outlying residences which may have done anything and everything right, but could have lost sizeable equity in the home because of recent market corrections. A great number of Florida household owners make their mortgage repayments in a timely manner but cannot benefit from the historically low interest rates on account of deprecation in residential home values and equity rules carried out by most lenders and consumer banking institutions. The new USDA Pilot Refinance mortgage loan program is designed to aid home buyers, regardless of current LTV or negative equity.

Questions concerning the Florida streamline USDA re-finance loan? Just submit the fast information request form (upper right side on this web page) or even call us Seven days a week/ 9am-8pm at 800-743-7556. Please note we currently only serve house owners with homes located within The State of Florida.