The most up-to-date USDA Pilot Refinance mortgage package is now available to thousands of rural homeowners in Winter Park and all through The State of Florida. The new USDA Rural Development Pilot Refinance mortgage permits Florida’s rural home owners to refinance their mortgage to a much lower interest rate no matter what the home loan to property value ratio. In addition upside-down and under water loans also qualify with this new program.

There won’t be any up front costs for the owner of the home as closing costs are now included in the modern USDA Pilot Refinance. In order to qualify for the USDA rural refinance program, Winter Park, FL homeowners must currently have either a direct USDA loan or a USDA 502 fully guaranteed mortgage. Remember you must currently have a USDA rural housing mortgage to be eligible to this refinancing program. If you have a traditional mortgage or FHA loan there are different options offered.

The most recent USDA Pilot Refinance mortgage process will prevent some of the red tape typically seen with conventional bank loan refinancing and possibly save individuals with mortgages several hundred dollars each month. In order to become qualified, credit seekers are required to have made their mortgage payments in a timely manner for Twelve straight months. Right now more than 30,000 customers eligible in Florida exclusively – numerous home owners in the communities of Orlando, Jacksonville, Tampa, Gainesville, Ocala and Lakeland are qualified!

Specifications of the new USDA Rural Refinancing Pilot process include:

You are required to presently have a USDA or Rural Housing mortgage loan. Regardless of your existing home finance loan lender is, most notably Chase, Regions or Bank of America, we will assist you!

No late loan payment during the last year.

Manufactured or Mobile homes will not be eligible.

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

The up-front USDA guarantee fee is 2% which is to be rolled into a new USDA mortgage loan.

The applied USDA yearly/monthly fee is .35%

The new loan may include the principle balance of the existing mortgage loan and also the up front USDA guarantee charge of 2% as well as all closing costs.

No cash out is permitted while using the USDA loan refinancing program.

Source of income verification for all of the adult household members is important for USDA earnings qualifications only, not for determining repayment propensity.

Applicants are required to be employed at the time of closing on the home refinance loan transaction or have different suppliers of income, for instance: your retirement income, social security income, disability revenue, alimony or child support.

The loan to value (LTV) limit is unrestricted. Zero constraints for homeowners which are upside down seeing their home value decrease in the recent past. No new appraisal or property inspection is necessary!

Winter Park, FL USDA Rural Home Refinance

The simple purpose of the USDA refinance application is to help out Florida’s rural homes which may have done all the things correctly, but may have lost considerable equity in the home because of the recent economy changes. Many Florida property owners have made their mortgage payments on schedule but could not benefit from the historic low interest rates on account of deprecation in property values and home equity constraints put in place by many lenders and financial institutions. The new USDA Pilot Refinance mortgage loan package is designed to help out household owners, no matter the existing loan to value or negative equity.

Questions concerning the Florida streamline USDA home refinance loan? Just fill out the short information form (upper right area of this web page) or even give us a call Seven days a week/ 9am-8pm at 800-743-7556. Please be aware at present we primarily be of assistance to homeowners with houses located within The State of Florida.