USDA Mortgage Source

100% Financing USDA Home Loans
Call Today: 800-743-7556
800-743-7556

USDA Rural Refinance in Green Cove Springs

This page updated and accurate as of 01/15/2025

The latest USDA Pilot Refinance home finance loan process is now available to a huge number of rural house owners in Green Cove Springs and throughout The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will enable Florida’s rural home owners to refinance their mortgage to a cheaper monthly interest rate whatever the mortgage to home value ratio. Even upside-down and under water loans also qualify with this new program.

There are no up front costs to the homeowner as closing costs can now be included in the all new USDA mortgage. In order to qualify for the USDA rural refinance program, Florida homeowners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Be aware you are required to already have a USDA rural housing mortgage to be eligible to this refinancing program. If you have a conventional home loan or FHA loan there are different options to be had.

The most recent USDA Pilot Refinance mortgage program will help to reduce the red tape generally experienced with traditional bank refinancing and potentially save credit seekers several hundred dollars per month. To be qualified to apply, people must have made their home loan payments on schedule for 12 consecutive months. Currently there are over 20,000 home owners eligible in Florida alone – a large amount of home owners just outside the cities of Gainesville, Ocala, Lakeland, Orlando, Jacksonville and Tampa are eligible!

Conditions of the new USDA Rural Refinance Pilot program include:

  • You are required to currently have a USDA or Rural Housing mortgage. Regardless of your existing mortgage lender is, including Regions, Chase or Bank of America, we’re able to assist you!
  • No late loan payment within the past 12 months.
  • Mobile or Manufactured homes aren’t eligible.
  • The new terms of the USDA home refinance is required to be a 30 year mortgage.
  • The upfront USDA guarantee fee is 2% that will be rolled into the new USDA mortgage.
  • The applied USDA annual/monthly fee is .35%
  • The new home loan can include the principle balance for the existing loan plus the initial USDA guarantee fee of 2% and closing costs.
  • No cash out is permitted while using the USDA loan refinancing program.
  • Wage validation for all adult household members is required for USDA source of income qualifications only, not for analyzing payment capacity.
  • Borrowers will need to be gainfully employed at the time of closing on the home refinance request or may have different sources of income, for example: retirement income, social security earnings, disability earnings, alimony or child support.
  • The loan to value (LTV) cap is unrestricted. Absolutely no restrictions for home owners that are upside down seeing their property value decline in the recent past. No new appraisal or property inspection is needed!

USDA Rural Home Refinance Loan in Green Cove Springs

The simple objective of the USDA refinance package is to boost Florida’s rural households that have done each and every thing properly, but could possibly have lost significant equity in their home resulting from recent real estate market corrections. A large number of Florida home buyers make their mortgage payments punctually but could not benefit from the historically low interest rates because of deprecation in home values and equity regulations established by many lenders and mortgage lenders. This kind of new USDA Pilot Loan refinancing program was created to help support home buyers, regardless of existing loan to value or negative home equity.

Do you need more info on the Florida streamline USDA refinance mortgage? Simply submit the quick information form (top right side on this web page) or simply give us a call Seven days a week/ 9am-8pm at 800-743-7556.