The latest USDA Pilot Refinance home finance loan package is now available to huge numbers of rural property owners in Live Oak and all over Florida. The new USDA Rural Development Pilot Refinance mortgage permits Florida’s rural home owners to refinance their home loan into a lower interest rate no matter the mortgage loan to property value ratio. In addition upside down and underwater loans also qualify with this new program.

There won’t be any out of pocket fees to the homeowner as closing costs can be included in the latest USDA Pilot Refinance. 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 must already have a USDA rural housing mortgage to be qualified to apply for this program. If you already have a conventional mortgage or FHA loan there are different options available.

The latest USDA Pilot Refinance mortgage program will prevent some of the bureaucracy traditionally seen with traditional bank loan refinancing and possibly save credit seekers several hundred dollars monthly. To be qualified, people are required to have made their payments in a timely manner for Twelve straight months. Currently there are over 30,000 individuals entitled in The State of Florida alone – numerous home owners just outside the areas including Tampa, Jacksonville, Tallahassee, Orlando, Lakeland, Ocala and Gainesville are eligible!

Conditions for the new USDA Rural Refinance Pilot process include:

You are required to presently have a USDA or Rural Housing home loan. No matter what your mortgage company is, that includes Bank of America, Regions, or Chase, we’ll be able to help you!

No mortgage late payments within the last 12 months.

Mobile or Manufactured homes will not be eligible.

The new term of the USDA refinance will have to be a 30 year mortgage.

The upfront USDA guarantee fee is 2% which is to be rolled into your new USDA mortgage loan.

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

Your new mortgage can include the principle balance of the existing home loan as well the up front USDA guarantee fee of 2% and closing costs.

No cash out is accepted while using the USDA home refinance program.

Net income confirmation for adult household residents is necessary for USDA income source qualifications only, not for defining payment capability.

Applicants will have to be gainfully employed at the time of closing on the home refinance loan transaction or may have alternative suppliers of earnings, which include: pension income, social security earnings, disability benefits income, spousal support or child support.

The loan to value (LTV) cap is unrestricted. Zero limits for home-owners that are upside down dramatically watching the house value decrease in the past few years. No new appraisal or residential assessment is needed!

Live Oak USDA Rural Home Refinance

The primary reason for the USDA refi application is to help Florida’s outlying residences which may have done each and every thing right, but perhaps have lost sizeable equity in the home as a result of recent economy swings. A large number of Florida home buyers make their mortgage payments punctually but cannot take benefit from the historically low interests mainly because of deprecation in residential home values and equity limitations applied by many lenders and banks. This important new USDA Pilot Loan refinancing program was established to help out house owners, in spite of the latest loan to value or negative loan equity.

Do you need more info on the Florida streamline USDA refinancing plan mortgage? Simply fill out the quick information form (upper right part of this page) or call us Seven days a week/ 9am-8pm at 800-743-7556. Keep in mind currently we solely help people with houses located in The State of Florida.