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Pilot Mortgage Program Could Help Homeowners in Florida
The United States Department of Agriculture (USDA) has introduced a new pilot program that might offer help for thousands of Florida homeowners.
By: Madison Mortgage
The main focus of the program is to give rural area homeowners the chance to refinance their loan with a rate under 5%. The program is aimed at helping people who have seen their property value drop in the past few years and now face a situation of owing more on their home than the home is worth.
Government officials are hoping that the mortgage savings will help owners recover from the financial recession and give them some time to see the values of their property return to prior levels.
Current USDA mortgage customers that have made on-time payments for the last 12 months can be considered for the new loan.
Placing this restriction on the loan will ensure that lenders are working with borrowers who are current on the mortgage and make it easier to get approved.
The beauty of this refinance is the ability to shave as much as 4% off an existing USDA mortgage without the added cost of an appraisal, credit report or home inspection.
Borrowers must still meet the income guidelines that are in effect for their county.
View additional USDA Rural Housing information:
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