The most up-to-date USDA Pilot Refinance home loan process is now available to several thousand rural home owners in Fort Myers and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage makes it possible for Florida’s rural home owners to refinance their home finance loan into a less expensive monthly interest rate no matter what the home loan to home and property value ratio. Even upside down and under water loans also qualify with this new program.
There are no up front fees for the homeowner as closing costs are now part of the all new 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 guarantee mortgage. You should be aware you have to currently have a USDA rural housing mortgage to be qualified to this program. If you have a conventional mortgage loan or FHA loan there are different choices offered.
The new USDA Pilot Refinance mortgage loan process will prevent the red tape traditionally found with traditional bank mortgage refinancing and often times save individuals with mortgages several hundred dollars each month. In order to become qualified, home owners are required to have made their home loan payments on schedule for Twelve consecutive months. Currently there are over 30,000 people entitled in Florida exclusively – a great number of home owners in the cities of Lakeland, Orlando, Jacksonville, Tampa, Gainesville and Ocala are eligible!
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 home finance loan provider is, especially Bank of America, Chase or Regions, we will assist!
- No late mortgage payments within the past 12 months.
- Manufactured or Mobile homes are NOT eligible.
- The new terms of the USDA home refinance has to be a 30 year fixed mortgage.
- The upfront USDA guarantee fee is 2% which is to be rolled into a new USDA mortgage.
- The applicable USDA yearly/monthly fee will be .35%
- The new home finance loan can sometimes include the principle balance of your existing home loan plus the upfront USDA guarantee charge of 2% along with closing costs.
- No cash out is permitted when using the USDA refinance program.
- Source of income verification for all of the adult household residents is important for USDA earnings qualifications only, not for analyzing monthly payment capability.
- Applicants have got to be employed at the time of closing on the home refinance loan request or have other suppliers of income, for instance: pension income, social security income, disability benefits income, spousal support or child support.
- The loan to value (LTV) cap is unlimited. Absolutely no limits for the homeowners which are underwater seeing the house value decline in the past several years. No new appraisal or residential assessment is needed!
USDA Rural Loan Refinancing in Fort Myers, FL
The essential goal of the USDA refinance process is to make it easier for Florida’s rural homes which may have done all things correctly, but might have lost serious equity in the home on account of recent economy corrections. A great deal of Florida home owners have made their home loan repayments on schedule but cannot make the most of the historically low interest rates simply because of deprecation in home values and home equity constraints established by many lenders and banks. The new USDA Pilot Refinance program was established to help home buyers, regardlesss of existing loan to value or negative loan equity.
Questions concerning the Florida streamline USDA re-finance mortgage? Just fill out the short info request form (top right section on this page) or even give us a call 7 days a week/ 9am-8pm at 800-743-7556. Serving all of Fort Myers FL