Rural Florida Homeowners Can Refinance Loans: The USDA is heading a pilot program similar to the one the President recently announced, but there are differences in favor of rural homeowners needing to refinance. Two reasons are that the money has already been set aside for this program and the USDA will not need to jump through any hoops at the Congressional level. The program will also allow rural homeowners that are “underwater” refinance to save around “three to four percent” all without going through “an appraisal, inspection, or credit report.” With all of the benefits that homeowners stand to gain, there seem to be only two requirements homeowners must meet.
Learn How Rural Florida Homeowners Can Refinance Loans
To be eligible for the program homeowners must have made their mortgage payment “on time for 12 consecutive months.” The other requirement is that they must have a “direct loan with the USDA or USDA guarantee on a commercial bank mortgage.” If homeowners in rural Florida meet these two requirements, they may be on their way to saving hundreds of dollars each month and possibly thousands over the coming year. The program is also set up to help rehabilitate “affordable multi-family rental housing” and help low-income residents find affordable housing.
Information for this article was obtained from http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=272304.