The new USDA Pilot Refinance home finance loan package is now available to huge numbers of rural men and women in White Springs and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage will allow Florida’s rural homeowners to refinance their home owner loan into a lesser interest rate regardless of mortgage loan to property value ratio. In addition upside down and under water loans also qualify with this new program.

There are no out of pocket charges to the home owner as closing costs can be a part of the new USDA mortgage. In order to qualify for the USDA rural refinance program, White Springs, FL home owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Keep in mind you must already have a USDA rural housing mortgage to be qualified to apply for the program. If you already have a traditional loan or FHA loan there are different alternatives you can get.

The new USDA Pilot Refinance mortgage loan process will prevent the bureaucracy normally found with conventional bank mortgage refinancing and often times save homeowners several hundred dollars a month. To become qualified, individuals with mortgages are required to have made their payments on-time for Twelve consecutive months. There are more than 30,000 buyers eligible in The State of Florida exclusively – many property owners within the communities of Lakeland, Orlando, Jacksonville, Tampa, Gainesville and Ocala are qualified to apply!

Requirements for the newest USDA Rural Home Refinance Pilot process include:

You need to currently have a USDA or Rural Housing home owner loan. Regardless of your existing loan carrier is, for example Chase, Regions or Bank of America, we’ll be able to offer some assistance!

No late mortgage payments in the past year.

Manufactured or Mobile homes aren’t eligible.

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

The up-front USDA guarantee fee is 2% that is rolled into your new USDA mortgage.

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

Your new home finance loan might include the principle balance for the existing mortgage loan as well the up-front USDA guarantee payment of 2% along with closing costs.

No cash out is authorized with the USDA loan refinancing program.

Net income confirmation with regard to adult household residents is required for USDA income source qualification requirements only, not for analyzing payment propensity.

Credit seekers have to be currently employed at the time of closing on the refinance transaction or have alternate suppliers of cash flow, including: retirement plan income, social security earnings, disability benefits income, alimony or child support.

The loan to value (LTV) cap is unrestricted. Absolutely no limits for homeowners that are under water seeing their home value decrease in the recent past. No new appraisal or household inspection is necessary!

White Springs, FL USDA Rural Refinance

The major purpose of the USDA refinance application is to help Florida’s rural residences which happen to have done all things properly, but may have lost huge equity in the home as a consequence of recent market swings. A great number of Florida home owners are making their mortgage payments in a timely manner but can’t take advantage of the historic low interests mainly because of deprecation in home values and home equity limitations carried out by most lenders and money institutions. This particular new USDA Pilot Refinance package was organized to support house owners, no matter the latest loan to value or negative home equity.

Need more information about the Florida streamline USDA home refinance loan? Just fill out the quick information form (top right section of this page) or give us a call 7 days a week/ 9am-8pm at 800-743-7556. Take note we currently exclusively help home buyers with homes located in The State of Florida.