The new USDA Pilot Refinance mortgage loan process is now available to a good number of rural home owners in Winter Haven and throughout Florida. The new USDA Rural Development Pilot Refinance mortgage will permit Florida’s rural home owners to refinance their home finance loan to a smaller interest rate no matter the mortgage loan to home value ratio. Even upside-down and underwater loans also qualify with this new program.

There won’t be any out of pocket charges for the homeowner as closing costs are now included in the new USDA Pilot home loan program. In order to qualify for the USDA rural refinance program, Winter Haven, FL home owners must currently have either a direct USDA loan or a USDA 502 guarantee mortgage. Remember you are required to currently have a USDA rural housing mortgage to be qualified to the program. If you have a common home loan or FHA loan there are different choices out there.

The new USDA Pilot Refinance mortgage process will prevent the red tape normally observed with conventional bank mortgage refinancing and potentially save borrowers several hundred dollars monthly. In order to become qualified, home owners are required to have made their mortgage payments promptly for 12 consecutive months. There are over 20,000 home owners able to apply in The State of Florida alone – a great number of home buyers around the areas including Gainesville, Ocala, Lakeland, Orlando, Jacksonville and Tampa are qualified!

Prerequisites for the new USDA Rural Home Refinance Pilot program include:

You are required to currently have a USDA or Rural Housing mortgage loan. Regardless of your current home finance loan source is, that includes Chase, Bank Of America, or Regions, we can assist!

No late payments within the past twelve months.

Mobile or Manufactured homes are NOT eligible.

The new term of the USDA home refinance has to be a 30 year mortgage.

The up-front USDA guarantee fee is 2% that will be rolled into the new USDA mortgage loan.

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

Your new mortgage loan can include the principle balance for the existing mortgage plus the up-front USDA guarantee rate of 2% and all of closing costs.

No cash out is granted when using the USDA loan refinancing program.

Revenue confirmation for all of the adult household residents is necessary for USDA earnings qualification requirements only, not for defining repayment ability.

Applicants have to be employed at the time of closing on the refinance request or have different sources of income, such as: retirement plan income, social security earnings, disability benefits income, spousal support or child support.

The loan to value (LTV) cap is unrestricted. No limits for home-owners which might be underwater seeing their property value decline in the past several years. No new appraisal or household examination is necessary!

Winter Haven, FL USDA Rural Loan Refinancing

The biggest objective of the USDA refinance application is to boost Florida’s rural homes that have done anything and everything correctly, but could have lost sizeable equity in their home as a result of the recent real estate market changes. Most Florida home owners made their mortgage repayments on time but could not take advantage of the historically low interests on account of deprecation in residential home values and equity limitations put in place by most lenders and banks. This kind of new USDA Pilot Home refinance package is designed to help out house owners, no matter what the the latest LTV or negative loan equity.

Questions about the Florida streamline USDA refinance loan? Just complete the fast info form (top right part on this web page) or even call us 7 days a week/ 9am-8pm at 800-743-7556. Please be aware at present we solely help individuals with property located within Florida.