Requirements for refinancing to a USDA mortgage - We receive many questions about the 100% USDA home loan and using this program to refinance an existing mortgage. First and foremost - the mortgage you currently have must be a USDA Mortgage. You cannot use the USDA loan to refinanced out of an existing FHA, VA or Conventional mortgage. If you currently have a Florida USDA mortgage, please read the requirements below -
•1. Fixed rate 30 year fix term only for USDA refinance.
•2. No Cash out allowed for USDA refinance.
•3. 1% USDA Guarantee Fee is included or "rolled into" your new USDA loan
•4. The Florida USDA refinance process can be "streamlined" or "non streamlined" Basically a streamlined refinance is when NO appraisal is required by USDA. However, with the streamline USDA option you cannot finance or "roll in" your closing costs into your new USDA loan. You have to pay these costs out of pocket. With the non streamlined USDA loan option you can roll in closing costs. However, a full appraisal will be required.
•5. All normal USDA eligibility requirements apply regarding household income, property location and credit requirements.
Questions? Please call us at 904.302.6060. Be sure to check to also check out our blog here for the latest USDA home loan program requirements and commonly asked questions.
Please take time to visit our main web site www.UsdaMortgageSource.com to view all the general 100% USDA home loan program requirements. Proudly serving all of Florida 7 days a week, including Lee County, Collier County and Hendry County - USDA Mortgage Source is Florida's leader in 100% USDA / Rural Development home loans.
If you do not meet the USDA eligibility requirement, please click here to learn about the FHA home loan in Florida.
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