The latest USDA Pilot Refinance property finance loan package is now available to a good number of rural men and women in Land O Lakes and all over Florida. The new USDA Rural Development Pilot Refinance mortgage will allow Florida’s rural homeowners to refinance their home owner loan into a decreased rate of interest whatever the mortgage loan to home and property value ratio. In addition upside-down and underwater loans also qualify with this new program.

There are no out of pocket costs for the home owner as closing costs are now included in the all new USDA Pilot Refinance. 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. Be aware you need to currently have a USDA rural housing mortgage to be qualified for this program. If you’ve got a traditional mortgage loan or FHA loan there are different options to choose from.

The most recent USDA Pilot Refinance mortgage process will help to reduce the bureaucracy ordinarily seen with conventional bank loan refinancing and often times save individuals with mortgages hundreds of dollars every month. In order to become qualified, individuals with mortgages are required to have made their mortgage payments on-time for 12 straight months. Right now more than 35,000 borrowers entitled in The State of Florida alone – a great deal of homeowners in the areas of Orlando, Jacksonville, Tampa, Gainesville, Ocala and Lakeland are able to apply!

Prerequisites of the new USDA Rural Home Refinance Pilot application include:

You need to presently have a USDA or Rural Housing home loan. Regardless of your existing mortgage loan provider is, for example Bank of America, Regions, or Chase, we’re able to offer some assistance!

No late payments within the past twelve months.

Mobile or Manufactured homes will not be eligible.

The new terms of the USDA refinance is required to be a 30 year fixed mortgage.

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

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

The new mortgage can sometimes include the principle balance of your existing loan along with the up-front USDA guarantee charge of 2% and all closing costs.

No cash out is accepted with the USDA home refinance program.

Income source verification with regard to adult household residents becomes necessary for USDA income qualifications only, not for interpreting payment capacity.

Borrowers must be gainfully employed at the time of closing on the home refinance transaction or may have alternate sources of earnings, which include: retirement income, social security money, disability income, alimony or child support.

The loan to value (LTV) limit is unlimited. Zero constraints for homeowners which are underwater and have seen their property value decline in the recent past. No new appraisal or house examination is needed!

USDA Rural Loan Refinancing in Land O Lakes

The principal objective of the USDA refinance system is to make it easier for Florida’s outlying households which happen to have done all of it correctly, but might have lost major equity in their home attributable to the recent real estate market swings. Countless Florida household owners are making their mortgage payments on time but can’t make full use of the historically low interests simply because of deprecation in home values and home equity limitations implemented by many lenders and banks. This particular new USDA Pilot Refinance loan program was created to support property owners, regardlesss of latest loan to value or negative home equity.

Do you need more info on the Florida streamline USDA refinancing plan mortgage? Just fill out the fast info form (upper right area of this web page) or just give us a call Seven days a week/ 9am-8pm at 800-743-7556. Keep in mind at present we solely serve household owners with real estate properties located within The State of Florida.