Did you know the new USDA Mortgage Pilot Refinance program will allow rural homeowners in Florida refinance with no equity? That’s right, home owners that have a USDA home loan and no equity (upside down, underwater) are eligible. The program is designed to give USDA homeowners a chance to refinance into the historic low interest rates we see today. Home owners have recently had trouble doing this because of the min equity requirements in place by most banks, not anymore.
Some highlights include –
- The mortgage you have MUST be a USDA Rural housing loan
- The homeowner cannot have any mortgage late payments in the last 12 months. Need to be paying that mortgage on time.
- All closing costs and USDA 1.5% guarantee fee can be rolled into the new loan. No costs out of pocket for homeowner.
- There are NO debt to income ratios limits, only past mortgage history will be reviewed on credit report.
- No equity requirements, no appraisal or home inspection required!
- Pilot refinance program is available to homeowners in 19 states – Florida being one of them.
Questions? We are available to assist you 7 days a week. For quick service please submit the “Request Contact” form at the top right side of your screen. Mobile users can find the short Request Contact Form here. Please also be sure to visit www.FiveStarsMortgage.com for the latest mortgage info.